It is a mortgage with an interest rate that stays the same for a period of: One year Two years Three years Five years. Ten years The interest rate staying the same means the monthly repayments on your mortgage will not go up during the fixed term.Fixed-rate mortgages Barclays
Interest rates on other mortgage types can increase whenever lenders put up their standard variable rate (SVR which they can do at any time. However, changes to their SVR or to the Bank of England base rate will not affect a fixed mortgage.Fixed rate mortgages best deals
Pay off your mortgage early for more years of mortgage-free living. During the initial period (2, 3 or 5 years) you can overpay by up to 20 of the outstanding balance each year and theres no early repayment charge.Fixed rate mortgages best deals
Find out more here. You do not pay any extra and the deal you get is not affected).