Fixed-rate mortgage
Lock in your interest rate for a set period with a fixed-rate mortgage. Choose from 2, 3, 5 or 10 years without wondering if your rates will go up or down.
Apply for a fixed-rate deal Opens in same tabWhat is a fixed-rate mortgage?
Why apply for a fixed-rate mortgage?
Things to consider
Your fixed-rate mortgage options
At Lloyds, we offer the following term lengths for fixed-rate mortgage deals.
|
Mortage type |
Main features |
Who this could suit |
|---|---|---|
|
Mortage type 2 year fixed rate |
Main features
|
Who this could suit People who want short-term certainty without locking in for too long. |
|
Mortage type 3 year fixed rate |
Main features
|
Who this could suit People who want more certainty than 2 years, but less commitment than 5 years or more. |
|
Mortage type 5 year fixed rate |
Main features
|
Who this could suit People who want peace of mind and don’t want to switch deals soon. |
|
Mortage type 10 year fixed rate |
Main features
|
Who this could suit People who want long-term payment certainty, if they’re able to apply. |
Comparing fixed and variable rate mortgages
Ready to apply for a fixed-rate mortgage?
You could lose your home if you don’t keep up your mortgage repayments
Let’s look at the details
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It depends on your circumstances. When deciding between a 2 year or 5 year fixed-rate mortgage, you may want to consider:
- whether you want the option to change your deal in the next couple of years
- how long you want to stay in your property for
- how long you would prefer to have a fixed mortgage interest rate for.
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Fixing your mortgage will depend on your situation and your preferences. For example if your current deal is ending. A fixed rate deal can help you avoid moving onto your lender’s SVR. You may also want a fixed rate to help you budget. This way you'll have a good idea of what you’ll pay each month.
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Yes, you can usually leave your fixed-rate mortgage early. Keep in mind, this might mean you need to pay an early repayment charge.
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Yes, existing Lloyds mortgage customers can switch to a fixed rate mortgage if their current deal is coming to an end. You’ll need to have your mortgage account number at hand. If you want to switch to a fixed deal during your agreed term, there may be fees for doing so. See if you can switch to a new deal.
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When your fixed rate term ends, your mortgage is usually moved to your lender’s Standard Variable Rate (SVR). This rate tends to be much higher than a fixed or tracker rate, which might cause your payments to rise significantly.
To avoid paying more, you could switch to a new deal and move to a different rate. You can usually do this 3 to 4 months before your existing fixed term ends.
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Tracker mortgage
Learn how a tracker mortgage works and if it could suit your needs.
Mortgage rates guide
Understanding mortgage rates is key when choosing or switching to a new mortgage deal.
