2 year fixed mortgages
Compare our best 2 year fix rate deals. Learn all about 2 year fixed rate mortgages, and how to find the best 2 year fix
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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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’ll be unaffected by any 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.
Pros
you’ll know exactly what you’ll 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 about 2 years
2 year fixes are usually cheaper than longer term fixed mortgages
Cons
you will not benefit from interest rate cuts during your fixed period
fixed rate deals can often have early repayment charges
you could end up paying more over the fixed period than if you chose a variable rate mortgage and interest rates were 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
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.
Low interest rates
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.
Fees
When looking for the best 2 year fixed rate deal you should always consider the fees.
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.
And if you remortgage or move house during the 2 year fixed term you may have to pay an early repayment charge.
If you remortgage every 2 years these fees can add up.
2 year fixed rates and Brexit
Unlike variable rate mortgages, fixed rates are not affected by the changing base rate during the initial period.
However, fixed mortgage rates have increased since the vote for Brexit in 2016.
In 2016 the average 2 year fixed mortgage rate was 1.75% if you put down a 25% deposit. This went up to 1.83% in November 2020.¹
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