Compare Fixed Rate Mortgages
Choosing between a 2, 3 or 5-year fixed mortgage is not simply a question of which rate looks lowest today — it is a bet on where rates will be when your fix ends, balanced against how much certainty you actually want along the way. This calculator models all three options over your full mortgage term, including what happens once each fix expires and the loan reverts to a standard variable rate, so you can compare the full picture rather than just the headline number.
Compare Fixed Rate Mortgages
Compare 2-year, 3-year and 5-year fixed deals side by side including fees and SVR revert cost.
The Real Trade-Off Isn’t Rate — It’s Certainty
A shorter fix typically comes with a lower rate than a longer one, since the lender is taking on less interest rate risk over a shorter period — but a lower rate for two years followed by an unknown rate for the remaining term is a genuinely different proposition to a slightly higher rate locked in for five years with nothing left to guess at. Which one actually costs less depends entirely on what happens to rates in between, which nobody can know in advance. This calculator does not predict the future; it shows you the cost under the assumptions you enter, so you can see how sensitive the outcome is to what happens after each fix ends.
This is worth sitting with for a moment, because it reframes the decision away from “which rate is cheapest” toward “how much am I willing to pay for certainty, and for how long.” Two people with identical mortgages can reasonably choose different terms and both be making a sound decision, simply because they weigh that trade-off differently.
What Happens the Day Your Fix Ends
Unless you remortgage or switch to a new deal before your fix expires, the loan automatically reverts to the lender’s standard variable rate (SVR) — typically several percentage points higher than the fixed rate you were paying, and one of the most common ways homeowners end up paying considerably more than expected without realising it happened. A 2-year fix that looks cheapest on paper only stays cheapest if you actively remortgage again at the end of it; leaving the loan to drift onto SVR for the remaining term can easily erase the entire saving a shorter fix appeared to offer. Our Ditch Your Fixed Rate Calculator looks specifically at whether leaving a fix early to remortgage sooner would be worth it.
This is exactly why this calculator models the full remaining term at SVR after each fix ends, rather than only showing the cost during the fixed period itself — comparing deals purely on their fixed-period cost, while ignoring what happens afterward, is one of the most common ways people misjudge which option genuinely works out cheaper.
Why the Cheapest Rate Isn’t Always the Cheapest Deal
Arrangement fees are usually a fixed amount regardless of how long the fix runs, which means they get spread across fewer months on a shorter deal — a £999 fee adds proportionally more to the effective cost of a 2-year fix than the same fee added to a 5-year fix. A deal with a slightly higher headline rate but no fee, or a much lower fee, can sometimes beat a lower-rate deal once the fee is properly accounted for, particularly for smaller mortgage balances where the fee makes up a larger share of the total cost. This calculator includes each deal’s fee in its total cost comparison specifically so this effect is not hidden behind the headline rate.
Some lenders offer a choice between a lower rate with a higher fee, or a slightly higher rate with a lower or zero fee, on essentially the same underlying deal — the right choice between the two options depends on the loan size, since the fee matters proportionally less on a larger mortgage than a smaller one.
Betting on Where Rates Go Next
A longer fix is generally the more attractive option when rates are expected to rise, since it locks in today’s rate for longer before any increase can affect you. A shorter fix can work out better if rates are expected to fall, since it gets you back into the market sooner to remortgage onto a cheaper deal. Nobody can know this with certainty, which is why this calculator lets you set your own assumed SVR and post-fix scenario rather than making that prediction for you — running the numbers under a few different assumptions, rather than just one, gives a more honest picture of how much the outcome actually depends on guessing correctly.
If you are still working out how much you can realistically borrow before comparing specific fixed terms, our Mortgage Affordability Calculator is a useful starting point before this comparison.
Frequently Asked Questions
Can I remortgage before my current fix ends?
Yes, though an early repayment charge usually applies if you leave before the fix’s agreed end date. Many lenders also let you lock in a new rate three to six months before your current fix ends, avoiding both the charge and any gap on SVR.
Is a longer fix always the safer choice?
It offers more payment certainty, but “safer” depends on your circumstances — a longer fix can carry a higher early repayment charge if your plans change (such as needing to move or sell), so certainty on rate comes with somewhat less flexibility.
Do all lenders offer the same fixed terms?
No — 2 and 5-year fixes are the most widely available, but 3, 7 and 10-year fixes are also offered by some lenders, each with its own trade-off between rate, certainty and flexibility.
What is a product transfer?
A product transfer is switching to a new deal with your existing lender at the end of a fix, without a full remortgage application or new affordability assessment — often simpler than switching lenders, though it is still worth comparing against the wider market rather than assuming it is automatically the best rate available.
Does my credit score affect which fix I can get?
Yes — the best rates across all fixed terms are generally reserved for applicants with a strong credit profile and larger deposit, regardless of which term length is chosen.
Should I overpay during a fixed period?
Many fixed deals allow limited overpayments, often up to 10% of the balance per year, without triggering an early repayment charge. Overpaying reduces the balance the SVR would apply to once the fix ends, which can meaningfully soften the impact of reverting to a higher rate later.
Important Information
This calculator provides an estimate based on the figures and assumptions you enter and does not constitute financial advice. It does not predict future interest rates, and actual outcomes depend on genuine future rate movements that cannot be known in advance. For advice specific to your circumstances, consult a mortgage broker or FCA-regulated adviser. See our Disclaimer for further information.