Mortgage interest rates are closely linked to movements in the bank of England base rate (U.K.) and fluctuate accordingly. The methods used when charging interest rates can also vary from lender to lender, with some working out cheaper than others over time.

The attraction here is that the mortgage cost remains consistent and can help in budgeting. The time period of the fixed rate can vary from one to twenty five years depending on the lender, normally five years would be the norm. The fixed rate usually reverts back to the lender's standard variable rate at the end of the fixed period.

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