Answers · UK 2025/26

Should I fix my mortgage for 2 or 5 years?

There is no universal answer. A 2-year fix usually has a lower rate and lets you remortgage sooner if rates fall; a 5-year fix costs a little more now but locks certainty for longer and avoids paying product fees twice within five years.

Last updated: 10 June 2026Last reviewed: 10 June 2026How we verify

Full answer

Choosing a fix length is a trade-off between rate, flexibility and cost certainty. Shorter 2-year fixes often carry slightly lower headline rates and let you switch deals sooner, which suits you if you expect interest rates to fall or your circumstances to change (moving, a pay rise, a growing family). The downside is you face remortgaging - and a fresh product fee - twice as often, and you risk re-fixing into a higher-rate environment. A 5-year fix gives budgeting certainty and spreads one product fee over a longer term, but typically prices a touch higher and carries larger early repayment charges if you need to exit. Worked example on a GBP 225,000 loan over 25 years: a 2-year fix at 4.7% costs about GBP 1,277 a month; a 5-year fix at 4.9% costs about GBP 1,302 a month - roughly GBP 25 more, or GBP 1,500 over the first five years, the price of certainty. Factor in product fees too: paying a GBP 999 fee twice across five years (two 2-year deals plus a remortgage) versus once on a single 5-year deal narrows or reverses the gap. Also check the early repayment charge: a 5-year fix usually locks you in longer, which matters if you might move or overpay heavily. Use the remortgage calculator to compare total cost including fees, and the mortgage overpayment calculator if you plan to clear the balance faster. For impartial guidance see gov.uk and the MoneyHelper service.