Compare Fixed Rate Mortgages
Our compare fixed-rate mortgages calculator shows the true total cost of any two fixed-rate mortgage deals over their initial fixed period, including product fees, and helps you identify which deal saves more money — based on your specific mortgage balance, rate, and term.
Compare Fixed Rate Mortgages
Compare 2-year, 3-year and 5-year fixed deals side by side including fees and SVR revert cost.
Choosing Between Fixed-Rate Deals
Fixed-rate mortgages give you certainty over your monthly payment for the fixed period, typically 2, 3, or 5 years. Comparing deals purely on the headline rate ignores the product fee — a deal at 4.1% with a £1,499 fee may be cheaper overall than 4.3% with no fee, but only if the mortgage balance is large enough for the interest saving to exceed the fee. This calculator does that calculation automatically for any balance.
The break-even balance above which paying a product fee becomes worthwhile depends on the rate difference. For a 0.2% rate difference over 2 years on a £200,000 mortgage, the interest saving is approximately £800 — meaning a £999 fee is not worthwhile, but a £499 fee is. On a £350,000 mortgage the same rate difference saves £1,400 — making the £999 fee clearly worthwhile.
5-Year Fixed vs 2-Year Fixed
Five-year fixes typically price at a premium over 2-year products, reflecting the longer rate certainty they provide. In a rising rate environment, locking in for 5 years protects against further increases. In a falling rate environment, the 2-year fix allows you to benefit from lower rates sooner. The decision involves a view on future interest rates — which nobody can predict reliably. Most advisers suggest considering personal circumstances: if a rate rise of 1–2% would make the mortgage unaffordable, the certainty of a 5-year fix is worth the premium.
Frequently Asked Questions
At the end of the fixed period, your mortgage reverts to the lender’s Standard Variable Rate (SVR), which is typically 1.5–3% higher than the best available fixed deals. Start comparing new deals 3–6 months before your fixed rate expires — you can lock in a rate without completing until your fix ends.
Yes, but an Early Repayment Charge (ERC) applies. ERCs are typically 1–5% of the outstanding balance during the fixed period, decreasing each year. Use our Ditch Your Fix Calculator to model whether breaking early and paying the ERC is worth it if better rates become available.
A tracker mortgage follows the Bank of England base rate (plus a fixed margin) and therefore moves up or down with monetary policy decisions. Trackers often have no ERC and allow overpayments freely. They are suitable for borrowers who believe rates will fall and want flexibility — but carry the risk of payment increases if the base rate rises.
When remortgaging, lenders often offer either free valuation and legal fees or a cashback. For straightforward remortgages, free legal is usually worth more than £250–£500 cashback (legal fees typically run £300–£600). For more complex cases, cashback may be preferable if you use your own solicitor.
Fee-free whole-of-market advisers are available and compare deals from most UK lenders — they earn commission from the lender at no cost to you. Fee-charging advisers typically cost £300–£600 but may access exclusive deals or provide more comprehensive advice for complex cases. Our Mortgage Calculator helps you understand the deal mechanics before any adviser conversation.
Enter your loan amount and compare 2-year, 3-year, and 5-year fixed-rate deals against the standard variable rate (SVR) your lender would revert to at the end of each deal. The calculator shows the monthly payment, total cost over the fixed period, and the cost during the revert-to-SVR period for any years not covered by the fixed term within a 5-year window. Shorter deals offer lower initial rates but require remortgaging sooner, which carries arrangement fee costs and the risk that rates are higher at the next fix. Longer deals provide payment certainty and avoid remortgage costs but may leave you locked into a higher rate if the market moves down. Early repayment charges vary — check your specific deal terms.
Important Information
This calculator is provided for general information and planning purposes only. It does not constitute financial or tax advice and should not be relied upon as such. Figures are indicative estimates based on simplified, publicly available criteria and stated assumptions. Actual results depend on your full circumstances. See our Disclaimer for further information.