The UK mortgage market has seen dramatic fluctuations in recent years, leaving many homeowners and buyers wondering: “Low mortgage rates – should I fix now?” With inflation concerns, Bank of England decisions, and lender competition constantly shifting the landscape, timing your mortgage deal could save – or cost – you thousands over the term of your loan.
In this post, we’ll explore whether now is the right time to fix your mortgage rate, what factors you should consider, and how to make a decision that works for your personal circumstances.
What Are Fixed Mortgage Rates?
A fixed-rate mortgage means your interest rate stays the same for a set period – typically 2, 3, 5, or even 10 years. During this time, your monthly payments remain consistent, regardless of what’s happening in the wider economy or interest rate markets.
Fixing your mortgage rate offers predictability and peace of mind – but it’s not without its downsides. If rates drop after you fix, you could be locked into a higher rate than what’s available on the market.
So when mortgage rates are low, fixing might seem like a smart move – but is now really the right time?
Are Mortgage Rates Low Right Now?
Mortgage rates in the UK have come down significantly from their peak following the 2022 mini-budget shock, but they remain higher than the ultra-low levels seen during the pandemic. As of mid-2025, lenders are offering competitive deals for those with solid credit, stable income, and decent equity – especially for those looking to remortgage.
That said, we’re in a volatile rate environment. The Bank of England has hinted at potential cuts to the base rate in the near future, but inflation and global economic uncertainty continue to apply upward pressure.
So while rates are lower than they have been recently, they are far from guaranteed to stay that way.
Low Mortgage Rates – Should I Fix Now?
Deciding whether to fix your mortgage rate now depends on several personal and market factors. Here’s what you need to consider:
1. Your Current Mortgage Situation
Are you coming to the end of a fixed term? Sitting on a lender’s standard variable rate (SVR)? Or currently on a tracker deal?
If you’re about to switch to an SVR, you could be paying considerably more than necessary. Fixing now could help you lock in savings over the next few years – especially if rates rise again.
If you’re on a tracker deal, you might be benefiting from recent base rate drops, but that also means your payments are vulnerable to future increases.
2. How Long You Plan to Stay in Your Home
If you’re planning to move within the next couple of years, tying yourself into a 5- or 10-year fixed rate may not be ideal. Most fixed deals come with early repayment charges (ERCs), which can be expensive if you exit the mortgage early.
In this case, a shorter fixed term or a more flexible tracker product might offer better value.
3. Your Attitude to Risk
Fixing your mortgage is all about security. If you’re someone who prefers certainty in your monthly budget – and doesn’t want to worry about interest rate fluctuations – fixing during a period of relatively low rates could give you peace of mind.
On the other hand, if you’re more comfortable taking a risk in the hope of securing a lower rate later on, you might be better off exploring flexible or variable options.
4. Economic Forecasts
While no one can predict the future with total accuracy, many financial analysts expect the Bank of England base rate to fall gradually over the next 12–18 months. That might mean lower mortgage rates are on the horizon.
However, waiting for lower rates also involves a gamble – especially if inflation spikes again, or if lenders become more cautious in pricing. Fixing now could protect you from these scenarios.
5. Your Loan-to-Value (LTV) Ratio
The more equity you have in your home, the better the deals you can access. If your LTV has improved since your last mortgage, you might be eligible for a lower rate than you were before – making now a strong time to fix.
But if you’re close to a threshold (like 85% or 90% LTV), consider whether waiting a few months to improve your position could open up access to better fixed-rate deals.
Pros of Fixing Your Mortgage Now
- Protection from future rate rises
If rates increase, your payments stay the same – no nasty surprises. - Predictable monthly payments
Makes budgeting easier, especially in times of economic uncertainty. - Current deals are still competitive
Especially for those with good credit and healthy equity.
Cons of Fixing Your Mortgage Now
- You might miss out on future lower rates
If rates fall after you fix, you’ll be locked in at a higher rate. - Early repayment charges
These can apply if you want to exit your deal early. - Less flexibility
Fixed deals often come with restrictions around overpayments or portability.
Should First-Time Buyers Fix Now?
For many first-time buyers, stability is key – especially if you’re stretching your budget to get on the ladder. Fixing your rate can make your new financial commitment feel more manageable and reduce anxiety about interest rate volatility.
Just be sure to compare multiple fixed-term options and speak to a broker about which lenders are best for your situation. Some deals come with incentives like cashback or free valuation, which could also sweeten the deal.
Speak to a Mortgage Broker Before You Fix
If you’re wondering “Should I fix my mortgage now?” the answer depends entirely on your personal circumstances. That’s why it pays to speak to a whole-of-market mortgage adviser who can assess your options across hundreds of lenders.
At Mortgage Pro Sussex, we help clients across the South East understand their choices and secure deals that match their goals. Whether you’re remortgaging, buying, or switching deals, we’ll provide expert, impartial advice with no jargon and no pressure.
Final Thoughts: Low Mortgage Rates – Should I Fix Now?
If you’re considering locking in a mortgage rate, now could be a smart time – especially if you value stability and are worried about rates creeping back up. However, it’s not a one-size-fits-all decision. The right move depends on your income, property plans, loan size, and appetite for risk.
Speak to a broker, crunch the numbers, and make an informed choice. You don’t need to guess your way through the mortgage market – we’re here to help.
Ready to Secure the Right Mortgage Deal?
Don’t leave your mortgage to chance. Whether you’re buying your first home, remortgaging, or just exploring your options, we’ll help you decide if fixing now is the right move for you.
📞 Call us today on 01273 123456
📩 Email: info@mortgageprosussex.co.uk
Or book your free consultation and get expert advice tailored to your situation.
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