In a fixed-rate mortgage arrangement, the interest rate is fixed for a pre-determined period of time, 2, 3, 5, and 10 years are commonly available, but other options do exist. The monthly mortgage payment will not change, no matter whether the Bank of England or the mortgage provider raises or reduces interest rates. For the borrower, the advantage of a fixed rate deal is that they know exactly how much their monthly repayment is going to be each month and for how long.
In some instances, the interest rate charged on a fixed-rate mortgage can be higher than the interest rates charged for other types of mortgages. The borrower may also have to pay an arrangement fee to set up a fixed-rate deal. Usually, once a fixed rate arrangement comes to an end, the lender's standard variable rate applies.
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