The interest rate stays the same for a set period of time in a fixed rate mortgage, meaning your repayments will stay the same each month during the set period even if there are changes in the Bank of England base rate or your lender’s standard variable rate. A fix rate mortgage term commonly lasts two to five years but it can be longer than this. Once the period has ended your lender usually automatically transfers you onto its standard variable rate. Our expert advisors can inform you on the best option suited to your requirements.