What is a fixed rate mortgage?

A fixed rate mortgage means your interest rate is fixed for the initial period of the mortgage deal. This means your mortgage payments won't go up or down during this time.

Is a fixed rate mortgage right for me?

The interest rate you pay stays the same, even if interest rates elsewhere go up. This makes it easier to budget for your monthly payments.

Things to consider with a fixed rate mortgage

If interest rates start to go down, you'll still have to pay the amount you agreed to. Early repayment charges apply and other fees and charges may apply.

5 Year Fixed Rate Mortgages

Fix your interest rate and your monthly payments won't change for 5 years.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What is a 5 year fixed rate mortgage?

A 5 year fixed rate mortgage means your interest rate stays the same for 5 years. Even if the Bank of England base rate changes, your monthly payments won't.

What happens when a fixed rate deal ends?

When your fixed rate ends, you can choose another mortgage deal or move onto our standard variable rate. You can find details about what happens after your fixed rate deal ends in your mortgage illustration.

See our mortgage rates

Things to consider

The benefits of a 5 year fixed rate mortgage

Lock in an interest rate for 5 years, no matter what happens to the Bank of England or the YBS standard variable rate.

Pay fewer fees - than changing deal more often with a 2 year deal.

Planning your budget - with a fixed mortgage payment for 2 years, you’ll know exactly what you will pay each month.

Why a 5 year fixed rate mortgage may not be right for you

Less flexible than 2 year fixed rates - there are limits on overpayments and if rates fall, you’re locked into a higher rate for longer.

No benefit if interest rates go down - you will be paying a fixed amount for 5 years.

Switching deal early will mean paying early repayment charges - typical charges are worked out as a percentage of your outstanding mortgage amount.