News Information & Guides
How long should I fix my mortgage for? 2, 5 or 10 years explained
There's no single right length for a fixed-rate mortgage. The best choice depends on five things: whether you might move or repay early, how much a payment rise would hurt, how you feel about rates changing, the early repayment charges, and whether your loan to value is likely to fall. As a rule of thumb, shorter fixes buy flexibility and longer fixes buy certainty.
Updated 17 September 2026 with the latest Bank of England decision and Moneyfacts average rates.
Bank of England base rate
3.75%
Held on 17 September by a 6–3 vote. Next decision 5 November
Average two-year tracker
4.52%
Start of August 2026 (Moneyfacts). Moves when base rate moves
Average two-year fix
5.73%
15 September 2026 (Moneyfacts)
Average five-year fix
5.78%
15 September 2026 (Moneyfacts). Only 0.05% more than a two-year fix
How long should I fix my mortgage for? A quick decision guide
Start with your plans, not the rate. These three questions settle most cases.
Choosing a fix length in three questions
A starting point for a conversation with an adviser, not a recommendation
A two-year fix suits…
Flexibility, with a short commitment
People who may move, sell or receive a lump sum soon, or whose loan to value is close to a cheaper band. You'll remortgage more often, so expect more fees and more exposure to whatever rates are doing in two years.
A five-year fix suits…
A popular middle ground
Households on a tight budget, families settled in their home, and anyone who wants one less decision for a while. Early repayment charges usually last the full five years, so be fairly sure of your plans.
A ten-year fix suits…
Long-term certainty
People who expect to stay put for many years and value a known payment over the chance of something cheaper. Check how long the charges last and whether the deal can be ported if you move.
A tracker suits…
Lower starting rate, but payments can rise
Borrowers with spare room in their budget who want flexibility. Many trackers have low or no early repayment charges. With markets pricing possible base rate rises, only choose one if you could cope with higher payments.
Pros and cons of each fixed-rate term
| Term | Pros | Cons |
|---|---|---|
| 2 years | Short tie-in. Chance to move to a lower rate or cheaper LTV band sooner | Fees and paperwork every two years. Exposed if rates are higher when it ends |
| 3 years | A middle option if you might move in the medium term | Fewer deals to choose from, and pricing often sits close to five-year rates |
| 5 years | Payment certainty for longer. Fewer remortgage fees. The FCA's interest rate stress test doesn't apply, which can help affordability | Charges to leave early, often for all five years. Could miss out if rates fall |
| 7–10 years | Budget certainty through big life stages | Long tie-in. Life can change a lot in a decade. Fewer lenders |
| Tracker | Payments fall if base rate falls. Often low or no exit charges | Payments rise if base rate rises. Harder to budget |
If you're weighing up two against five years specifically, our side-by-side calculator in Two years or five? The real cost of each shows the total cost and the break-even remortgage rate.
How early repayment charges and porting work
The early repayment charge (ERC) is the price of breaking a fix. It's often the deciding factor, so read it before the rate.
- When it appliesIf you repay the mortgage or switch to another deal before your fixed period ends.
- How muchUsually a percentage of the balance, often between 1% and 5%, and commonly falling each year.
- OverpaymentsMany lenders let you overpay up to 10% of the balance each year without a charge.
- When it endsOnce your deal finishes, you can normally leave or switch without an ERC.
Porting means taking your mortgage deal with you when you move. Many fixed rates are portable, but it isn't automatic. The lender reassesses your income and the new property, and if you borrow less you may still pay a charge on the part you don't port. If you need to borrow more, the extra is usually on a separate deal with its own end date.
What today's rates mean for your choice
On 15 September 2026, Moneyfacts put the average two-year fix at 5.73% and the average five-year fix at 5.78%. The gap is tiny. The Bank of England held base rate at 3.75% on 17 September, but three of its nine rate-setters voted for a rise, and markets are pricing in possible increases.
Reading the gap between two and five-year rates
- Five-year cheaper
- Markets expect rates to fall over time. Paying for longer certainty costs little or nothing
- Roughly flat
- Where we are now. Longer certainty costs very little extra, so the decision rests on your plans and ERCs rather than the rate
- Five-year dearer
- Markets expect rates to rise. You pay a premium today to lock in for longer
None of this predicts where rates will go. Fixed rates already reflect what markets expect, and those expectations can change quickly. For the latest figures, see our current UK mortgage rates update.
How your loan to value can change the answer
Lenders price mortgages in loan-to-value (LTV) bands, often in steps of 5%. The less you owe compared with your home's value, the better the rates tend to be. At the start of August, Moneyfacts found the average two-year fix was 5.17% at 60% LTV against 5.84% at 90%.
Your LTV falls as you repay, overpay, or as your home rises in value. If you're just above a band, say at 76% or 81%, a shorter fix could let you remortgage into a cheaper band sooner. If your LTV won't change much, that advantage fades.
Worked example: the numbers side by side
A £200,000 repayment mortgage over 25 years, on a home worth £250,000 (80% LTV), using September's average rates.
| Deal | Rate | Monthly payment |
|---|---|---|
| Average two-year fix | 5.73% | £1,256 |
| Average five-year fix | 5.78% | £1,262 |
| Average two-year tracker | 4.52% | £1,114 |
| Average standard variable rate | 7.13% | £1,430 |
- The fixes cost almost the same. The five-year fix is about £6 a month more.
- The tracker is £142 a month cheaper today, but each 0.25% rise in base rate would add around £29 a month.
- LTV after two years: the balance is about £192,400, or 77% of £250,000. After five years it's about £179,300, or 72%, and roughly 65% if the home has risen 10% in value.
- Breaking a five-year fix after three years: with a 3% charge on a balance of about £188,300, the ERC would be around £5,650.
Illustrative only. Our own calculations on a capital repayment basis, before fees. Average rates are not offers, and your rate will depend on your circumstances. ERC tiers vary by lender.
Should I get a fixed rate at all?
| Type | How payments move | Exit charges |
|---|---|---|
| Fixed rate | Stay the same for the fixed period | Usually yes, during the fix |
| Tracker | Follow base rate, up or down, plus a set margin | Often low or none |
| Standard variable rate (SVR) | Set by the lender and can change at any time | Normally none |
A fix suits you if a known payment matters more than the chance of paying less. A tracker suits you if you can absorb rises and want freedom to leave. The SVR is where most borrowers land when a deal ends. At an average of 7.13%, it's usually the most expensive place to stay, so it's worth acting before your deal runs out.
When should I fix my mortgage rate?
Many lenders let you secure a new deal up to around six months before your current one ends, whether you stay with your lender or move. If rates fall before it starts, you can often switch to a cheaper product. Starting early gives you a rate to fall back on without locking you in to it.
Buying a home? Your mortgage offer usually holds the rate for a set period, commonly six months, so time your application with your purchase in mind.
What is the longest fixed rate mortgage in the UK?
Ten-year fixes are available from a number of mainstream lenders. A small number of lenders go further, with fixes of 15 years or more, and some specialist lenders offer rates fixed for the whole mortgage term, in some cases up to 40 years. These can come with shorter ERC periods than the fix itself, but choice is limited and criteria vary, so they are worth discussing with a broker.
Frequently asked questions
Is it better to fix for 2 or 5 years?
It depends on your plans. With average rates only 0.05% apart, a five-year fix buys longer certainty for very little extra, while a two-year fix keeps you flexible if you might move or expect your LTV to improve.
Should I get a long-term fixed rate mortgage?
It can make sense if you're settled and want to budget with certainty. The trade-off is less flexibility and potentially large charges if your plans change.
Can I leave a fixed rate early?
Yes, but you'll usually pay an early repayment charge. Porting your deal to a new home or overpaying within your yearly allowance can help avoid it.
What happens when my fixed rate ends?
You normally move to your lender's SVR unless you arrange a new deal. You can take a new product with your lender or remortgage elsewhere.
When should I consider fixing my mortgage?
Around six months before your current deal ends, or as soon as you have a purchase in progress. Securing a rate early doesn't usually stop you switching if something cheaper appears.
Get help choosing the right term
The right fix length comes down to your plans, your budget and the small print, not just the headline rate. Quick Mortgages is a whole-of-market broker with no broker fees. From Birmingham, we help borrowers across the UK compare fixes, trackers and product transfers, and we can secure a rate early and keep checking the market until your deal starts.
Deal ending soon? See our remortgage service or rate switch service. Buying? Read about purchase mortgages and first-time buyer mortgages, or try our mortgage search tool.
Sources
- Bank of England, Monetary Policy Summary, 17 September 2026
- Moneyfacts, average two and five-year fixed rates, 15 September 2026, and UK Mortgage Trends Treasury Report, August 2026 (tracker, SVR and LTV averages)
- Financial Conduct Authority, interest rate stress test rule (MCOB 11.6.18R)
- Moneyfactscompare.co.uk, early repayment charges explained, August 2025
- Perenna, long-term fixed rate mortgage range, 2026
Correct on 17 September 2026 and may change. Example repayments are our own calculations for illustration only.
Disclaimer:
This article is for general guidance purposes only and does not constitute legal, financial, or professional advice. Mortgage products and their terms can vary, and it is important to seek advice from a qualified, regulated professional who can assess your individual circumstances. Please ensure you consider your unique needs before making any financial decisions.
While every effort is made to ensure that the information provided on this blog is accurate and up-to-date, we do not guarantee its completeness or accuracy. The mortgage market can change rapidly, and the information on this blog may become outdated. We recommend verifying any information before acting on it and seeking tailored advice.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Thinking about your own mortgage?
Advice is free, and there is no obligation. Tell us what you are trying to do and we will tell you what is possible.