When choosing a mortgage, one of the key decisions you’ll face is how long to fix your interest rate for. Fixed-rate mortgages are popular with buyers across London, as they offer predictable monthly payments and protection from sudden rate rises.
Whether you’re buying your a first time buyer in London moving to a new property, or remortgaging, understanding your options can make a real difference.
As a mortgage broker in London, we often help people weigh up the benefits of different fixed-term lengths and what they might mean in both the short and long term.
What does a fixed-rate mortgage mean?
A fixed-rate mortgage means your interest rate stays the same for a set period, regardless of what happens in the wider market. This gives you peace of mind that your monthly payments won’t change, making it easier to budget and plan ahead.
Many homeowners in London choose fixed-rate mortgages for the security they offer, especially in times when interest rates are uncertain or rising. Whether you’re fixing for two years or longer, you’ll know exactly what to expect each month.
How long can you fix a mortgage for?
Most lenders in the UK offer fixed-rate mortgage terms of two, three, five or ten years. In London, where property values and mortgage sizes are often higher, choosing the right term can have a bigger impact on your monthly payments and long-term flexibility.
A two-year fixed mortgage may give you lower initial rates and more freedom to switch deals sooner. A three or five-year fix offers longer-term stability, which some homeowners prefer if they’re planning to stay in their property for a while.
What are the pros and cons of fixing for longer?
Choosing a longer fixed-term mortgage can give you more certainty over your monthly payments. If interest rates rise during your deal, your rate stays the same, so your payments won’t increase.
The downside is that longer fixed terms can reduce your flexibility. If you need to move or remortgage early, you might face early repayment charges. You may also find that longer fixes come with slightly higher interest rates compared to shorter-term deals.
It’s about weighing up what matters more, payment stability or the freedom to change your mortgage sooner. Your mortgage advisor in London will help you compare what each option means based on your own situation.
Can I change my fixed-rate mortgage later?
You can change your fixed-rate mortgage, but there are usually conditions. Most fixed deals come with early repayment charges (ERCs) if you switch before the term ends. These charges can vary depending on how early you leave and the lender’s policy.
If you’re near the end of your fixed term, you can usually start looking at new deals up to six months before it finishes, without facing any penalties. This gives you time to plan ahead and secure a new rate before moving onto your lender’s standard variable rate.
If something changes and you need to break your fixed deal early, speak to a mortgage advisor in London before making any decisions. They’ll explain your options and whether it’s worth switching based on the costs involved.
Finding The Right Fixed-Term Mortgage For You
The best fixed-term length will depend on your plans, your income, and how much flexibility you might need in the years ahead.
Some people prefer the freedom of a shorter deal, while others feel more comfortable locking in their rate for longer.
As a mortgage broker in London, we take time to understand what’s important to you before recommending the most suitable options.
If you are looking to remortgage in London, whether you’re looking for a for a two, three or five year term, we’ll help you explore the choices available and find a deal that fits your goals.
Date Last Edited: October 23, 2025
