How long should I fix my mortgage for?

How long should I fix my mortgage for in 2026? 

When deciding how long you should fix your mortgage for, there are a few things to consider. First, if you have a low LTV (i.e. you have a high percentage of equity in your property compared to your outstanding mortgage), you could benefit from a fixed-rate mortgage as you could get lower interest rates than someone with a higher LTV. But it's also a good idea to be aware of what's happening with mortgage rates.

Right now, inflation is remaining stubbornly above the Bank of England’s 2% target at 3.8%. And with the government’s Autumn Budget coming up in November 2025, there are concerns that any tax rises or spending plans announced could push inflation higher. 

If inflation begins to rise again, this could cause mortgage interest rates to rise too. But if a base rate cut is announced, this could cause mortgage rates to drop. Right now it’s predicted that the base rate might not be cut again until at least December if not later than this, according to recent data. So mortgage rates could start to come down towards the end of 2025 and start of 2026.  

When assessing the current deals available on the market, it’s worth keeping this context in mind. Navigating a volatile mortgage market can be challenging to do alone, so it’s a good idea to speak to an experienced mortgage broker. Here at Tembo, our team of award-winning mortgage brokers will explore what options are available to you, potential ways to get lower interest rates through specialist schemes and how the market might impact you. We might also suggest solutions you’d never have thought of if you were making the decision by yourself. Get started today.

Read more: What are mortgage interest rates and what is a good mortgage interest rate?

What is the average fixed mortgage interest rate?

Right now, the average 2 year fixed rate mortgage deal and average 5 year fixed rate mortgage deal are both about 5% after rising for the first time month-on-month since February. This is off the back of lenders approaching rate setting with more caution in recent weeks, as well as volatile swap rates. However, remember that these are just averages, you might be able to get a mortgage rate much lower than this. 

Currently, the lowest 2-year fixed mortgage rate from our panel of over 100 lenders for those with a 10% deposit is 4.22%, while the lowest 5-year fixed mortgage rate is 4.3%, and there are even some sub-4% deals available for buyers with large deposits.

However, keep in mind that fixed rates are normally much higher for specialist mortgages and longer fixed periods. What rate you could get is also influenced by your eligibility and deposit size or equity.

*Based on 90% LTV, with a 35-year mortgage term. Interest rates are accurate as of October 2025.

Is now a good time to fix my mortgage?

Average mortgage rates have risen in recent weeks, with the market seeing it’s first month-on-month rise since February. If you're 6 months away from your current deal ending, you can lock in a mortgage deal now to make the most of current rates, then if rates go down further before you remortgage you could reapply. This helps to protect you from rate rises as you'll lock in the lower rate. 

The same goes for applying for a mortgage - a mortgage offer typically is valid for 3-6 months, but the exact length depends on the lender and other factors. If you want to buy soon, there are also ways to get access to lower mortgage interest rates or get a bigger mortgage.

Sticking with a variable-rate mortgage might also be risky in the current climate. Although the Bank of England has now cut the base rate to 4.00% and could  cut it again before the end of the year, if inflation begins to climb again the Bank could raise it again. Every time the Bank of England increases the base rate, rates on variable-rate mortgages will increase too, which will make repayments more expensive.

The Bank of England has kept the base rate high in an attempt to get inflation under control - the target is to get inflation down to 2%. Although inflation is expected to hover above this in 2025, the market is expecting the base rate to be cut at some point over 2025.

Is it better to fix my mortgage for longer?

Fixing your mortgage for longer can give you greater certainty as you'll know exactly what your mortgage repayments will be for the next 5 or 10 years. However, fixing for a longer term normally comes with higher interest rates (although current 5 year fixed rate deals are not that much different from 2 year fixed rates at the moment. Compare live mortgage rates here).

This is because mortgage lenders don't know what the market will be like in 5 or 10 years' time, so they are taking a risk by allowing you to fix your mortgage for that length of time. To help balance out this risk, they often offer higher interest rates on longer fixed-rate deals than shorter ones. Higher interest rates will also make your monthly repayments more expensive, as you'll have to pay more to your mortgage lender in interest.

The other risk with fixing your mortgage for longer is current mortgage rates could end up being much lower than your fixed rate. This means you will be paying more interest each month in comparison to live interest rates.

While you can switch to a new rate, you might have to pay an early repayment charge (ERC) and possibly a penalty to leave your fixed rate deal early which can be costly.

Read more: 6 ways to get access to lower mortgage interest rates.

Should I fix my mortgage?

Fixing your mortgage means your interest rate (and your monthly repayments) stay the same for a set number of years. This can give you peace of mind and protection against rising rates.

Whether you should fix depends on a couple of factors: 

• Your loan-to-value (LTV): If you’ve got a big deposit or lots of equity, fixing could help you secure one of the lower rates available.
• Your future plans: If you expect to stay put for a while, fixing can save the hassle of remortgaging every couple of years. But if you might move soon, a long fix could be risky.
• Your appetite for risk: Some people sleep better knowing their payments won’t change. Others are happy to risk changes in their monthly payments in the hope they’ll pay less overall.

If you’re not sure how long to fix your mortgage for, an expert mortgage broker like Tembo can help you weigh up the options.
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Should I fix my mortgage for 2 or 5 years?

Whether you should fix your mortgage for 2 or 5 years depends on you and your individual circumstances. Fixing your mortgage for 2 years can give you certainty and stability in the short-term, and can also be the right choice if you only plan on staying in your home for a few years. Plus, if rates decline over the next two years, it means you can then move onto a new rate once your deal ends.

Fixing your mortgage for 5 years can give you certainty over a longer period of time, which can be better if you plan on staying in the property for a long time. However a lot can happen over 5 years, so there is a chance mortgage interest rates could drastically change over that time, which could mean you'll end up paying more interest in comparison to live rates.

• 2 year fix: If rates fall in the near future, or you’re planning on moving home soon, you won’t be locked into today’s higher rates for too long. But you’ll need to remortgage again sooner and if interest rates rise, you may see an increase in your living costs when your fixed period ends.
• 5 year fix: Better for stability over a longer time period. You know what you’ll be paying for longer, which helps with budgeting. But if rates fall sharply, you could find yourself paying over the odds for longer than you’d like.

👉 Quick rule of thumb

If you’re risk-averse and plan to stay put, a 5 year fix may suit you. If you value flexibility or think rates will keep falling, a 2 year fix might be smarter.

Less common than 2 or 5 year deals, 3 year fixed rate mortgage deals can offer a good middle ground. They give you more stability than a 2 year fix, but not as much commitment as a 5 year fix.

They’re worth considering if:

• You expect to stay in your property for at least 3 years, but not as long as 5.
• You think interest rates might take a little longer to fall, and don’t want to remortgage too soon.

It can be hard to find 3-year fixed deals on your own, as there are fewer to choose from. So if you think a 3-year fix is right for you, speak to a mortgage specialist. They’ll know which lenders offer fixes of this length and whether you’re likely to qualify for the mortgage you want. In some cases, they may be able to help you boost your affordability and get a bigger mortgage. 

Should I fix my mortgage for 10 years?

Fixing for 10 years gives you even more certainty as your payments will stay the same for an entire decade. A 10-year fix could be ideal if you know you’ll stay in the same property long-term, or if you’re worried about economic uncertainty.

But there are downsides:

• 10 year fixes usually come with higher interest rates than 2 or 5 year deals.
• If you want to switch to a new rate before the end of your fix, you may have to pay an early repayment charge (ERC).
• If rates fall significantly, you could be stuck paying more than everyone else.

Read more: 6 ways to get access to lower mortgage interest rates.

How long can you lock in a mortgage rate?

Most lenders will let you secure (or “lock in”) a rate up to 6 months before your mortgage completes. So if your current deal is ending soon, you can reserve a new rate now.

If rates drop further before your mortgage actually begins, many lenders will let you switch to the cheaper deal. This way you’re protected if mortgage rates rise, but not penalised if they fall. 

Can you remortgage during a fixed term?

Yes, but there’s usually a catch. If you want to leave your fixed mortgage early (because, for example, you’ve found a cheaper deal or you need to move home), you’ll usually have to pay an early repayment charge (ERC). These can range from 1% to 5% of your outstanding loan, which could add up to thousands.

Some lenders let you port your mortgage to a new property, meaning you can take your fixed deal with you when you move. Others will let you overpay up to 10% of your mortgage balance each year without a penalty. If you know you’ll be moving house within the next few years and will need to leave your fix early, you can reduce any ERCs later by overpaying as much as possible (without exceeding your lender’s overpayment limit).

FAQs

What happens when my 5-year fixed mortgage ends?

When your fixed mortgage ends, you’ll be moved onto your lender’s standard variable rate (SVR). At this point you might decide to do nothing and pay the SVR, or remortgage to a better deal. It’s a good idea to compare mortgages before choosing a new one. A mortgage broker can help you compare a wide range of mortgage deals from across the market before selecting the right one for you. 

Is it worth it to break a fixed mortgage?

Breaking a fixed mortgage can be expensive. You may have to pay charges to exit your deal early. However, if you’re moving to a better deal and the overall cost of your new mortgage will be lower, this can quickly cover the cost of the fees.  

What is the best term to fix a mortgage?

The best mortgage term for one person won’t be the best term for another. To find out which fixed term is right for you, it’s a good idea to talk to a mortgage broker.