Cashback Remortgages · Mortgage rates
Fixed vs Variable Rate Mortgages
A fixed rate keeps your payment the same for a period; a variable rate can move. The choice depends on your need for certainty and your budget's resilience.
The main options
A fix gives payment certainty, subject to early repayment charges. A tracker follows a reference rate plus a margin. A standard variable rate is set by the lender and can change at its discretion.
After a deal ends you usually move to the reversion rate unless you switch.
How to decide
If certainty matters or your budget is tight, a fix reduces the risk of rising payments. If you value flexibility, a tracker may suit — but payments can rise. Test a higher rate to check resilience.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.