What is a 2 year fixed rate mortgage?

With a 2 year fixed rate mortgage you'll pay the same interest rate on your mortgage for 2 years.

This means that each month for 2 years you will pay the same amount for your mortgage.

When you have a fixed rate mortgage, you will not be affected by changes in interest rates, such as the Bank of England base rate.

You can also get longer fixed rate mortgages, such as 5 year fixed and 10 year fixed.

Should I get a 2 year fixed rate mortgage

2 year fixes are good if you do not want to commit to one rate for too long. 

But there are reasons for and against getting a 2 year fix.

  • you’ll always know exactly what you need to pay every month for the 2 year fixed term

  • your payments will not increase if interest rates go up during your fixed period

  • a 2 year fix is a good option if you plan to move house or remortgage in 2 years

  • 2 year fixes are usually cheaper than longer fixed mortgages

  • you will not benefit from interest rate cuts during your fixed period

  • fixed rate deals can often have early repayment charges (ERCs)

  • you could end up paying more over the fixed period than if you chose a variable rate mortgage and if interest rates are low

  • 2 years is still a relatively short term, so if you opt to remortgage after the 2 years, you may have to pay more fees

Should I get a 2 or 5 year fixed mortgage?

Choose a 2 year fix if:

  • you do not want to commit to a mortgage rate for too long

  • you want to know what you’ll pay every month for 2 years

  • you plan to stay in your home for at least 2 years but might move after this time

  • you might want to remortgage after 2 years

Choose a 5 year fix if: 

  • you want security for longer than 2 years

  • you do not expect your financial situation to change over the next 5 years 

  • you intend to live in the same home for at least the next 5 years

  • you do not plan to remortgage within the 5 year fixed term

Compare our best 2 year fixed mortgage deals

Compare 12,000 deals from 90 lenders and one of our advisers can check whether you're eligible for the 2 year fixed rate mortgage deals you find. Your home may be repossessed if you do not keep up repayments on your mortgage.

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Get the best 2 year fixed rate mortgage

You should consider all the costs involved when looking for the best 2 year fixed rate deal.

The best 2 year fixed rates will have lower interest rates. But these lower interest rates are usually only on offer to those who put down a larger deposit.

If you put down at least a 20% deposit, you’ll be able to access a wider choice of deals with better rates.

You should always consider the fees when looking for the best 2 year fixed rate deal.

Mortgages can have lots of different fees and charges. 

Look out for a setup fee or arrangement fee, which can be up to £2,000. It's often around £1,000.

You may have to pay an early repayment charge if you remortgage or move house during the 2 year fixed term.

If you remortgage every 2 years these fees can add up.

Where to go from here

Should you get a 5 year fixed rate?

We break down the pros and cons in our guide

Read our guide

Is a 10 year fixed rate a good idea?

Find out who could benefit from a 10 year fix in this guide

Read our guide

Discover more about remortgaging

Everything you need to know in our remortgage guide

Remortgaging explained

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.