When it comes to buying a home or remortgaging in the UK, one question always pops up: Should I go for a fixed-rate mortgage, and if yes — which one’s the best? That’s where trusted finance expert Martin Lewis comes in. Known for giving real, unbiased money advice, Martin regularly shares guidance on getting the best fixed rate mortgage through his popular site, MoneySavingExpert.com.
If you’re trying to make sense of interest rates, lender fees, and long-term value, this complete guide will walk you through everything Martin Lewis recommends, including how to decide if a fixed rate is even right for you.
What Is a Fixed Rate Mortgage?
A fixed rate mortgage is a type of home loan where the interest rate remains the same for a set period — usually 2, 5, or 10 years. This means your monthly repayments stay constant, no matter what happens to the Bank of England’s base rate.
Martin Lewis strongly supports fixed-rate mortgages for anyone who wants stability and predictable costs, especially during periods of market uncertainty. If you’re the kind of person who hates surprises in your monthly bills, this could be the best choice for you.
Why Consider a Fixed Rate Mortgage Now?
In recent years, interest rates in the UK have seen significant fluctuations. Martin Lewis has repeatedly warned that with inflation and market instability, a fixed rate mortgage offers protection against sudden increases.
“A fixed rate locks in your repayments and gives you certainty,” says Martin Lewis. “But don’t assume fixed is always the best — it depends on timing and your circumstances.”
If you’re worried about rising rates or currently on a variable rate deal, locking in a fixed mortgage could save you thousands over the term.
Martin Lewis on How to Choose the Best Fixed Rate Mortgage
Martin Lewis doesn’t directly recommend individual banks or deals, but he provides a clear checklist on how to choose the best fixed rate mortgage:
Compare APRC — Not Just the Headline Rate
Always look at the Annual Percentage Rate of Charge (APRC) which reflects the total cost of the mortgage, including fees and variable rate after the fixed term ends.
Consider the Length of Fix
Martin says:
“2-year fixes offer flexibility, 5-year gives stability, and 10-year is only for those very certain they won’t move or overpay.”
3. Look for Low Early Repayment Charges
Avoid mortgages that punish you heavily if you decide to pay off early or remortgage.
4. Factor in Overpayment Flexibility
Many people don’t realise they can overpay their mortgage to reduce interest. Choose a deal that allows 10% overpayments per year, as Martin recommends.
How to Use Martin Lewis’ Mortgage Comparison Tool
Martin Lewis offers a powerful mortgage comparison tool on MoneySavingExpert.com where you can:
- Compare the best fixed rate mortgage offers
- Enter your deposit, income, and property value
- Filter by 2, 5, or 10-year fixed rate terms
- Get estimated monthly payments and APRC
This tool is completely free and doesn’t impact your credit score.
Current Best Fixed Rate Mortgage Examples (As of 2025)
(Note: Rates change weekly. Check MSE’s latest tool for current options)
| Provider | Rate (Fixed) | Term | APRC | Fees | LTV |
|---|---|---|---|---|---|
| NatWest | 4.59% | 2 yr | 5.1% | £0 | 85% |
| Halifax | 4.39% | 5 yr | 4.7% | £999 | 80% |
| Barclays | 4.69% | 10 yr | 4.9% | £495 | 75% |
Pros and Cons of Fixed Rate Mortgages – According to Martin Lewis
Pros:
- Predictable monthly payments
- Protection from rising interest rates
- Easier household budgeting
- Peace of mind for long-term planners
Cons:
- Higher initial rate compared to variable deals
- Early repayment charges apply
- Less flexibility if your plans change
- May miss out if rates drop
Martin Lewis suggests asking: “Will I still be happy with this deal in two years if rates fall?”
Fixed Rate vs Variable Rate – What Martin Lewis Says
Martin explains that variable rate mortgages follow the Bank of England base rate — meaning your payments could go up or down at any time.
If you’re financially stable and don’t mind risk, a variable rate might offer lower initial payments. But if you’re on a budget, or you simply like to know what’s coming, the best fixed rate mortgage could be your safety net.
Should You Fix Now or Wait?
This is the golden question. Martin Lewis has repeatedly said:
“You won’t time the market perfectly — instead, ask yourself what gives you financial security.”
If current rates are within your affordability, and you’re worried about future increases, fixing now may bring long-term peace of mind. However, if your existing deal still has months left or you expect rates to fall, waiting could be worth it — but it’s a gamble.
Conclusion – What’s the Best Fixed Rate Mortgage for You?
There’s no one-size-fits-all answer to the best fixed rate mortgage — even Martin Lewis says the best deal is the one that fits your life, not just your numbers.
So take your time:
- Compare rates using trusted tools
- Think about your job stability, future plans, and financial comfort
- Don’t be afraid to get free advice from independent mortgage brokers
And remember: a mortgage is not just a loan — it’s a long-term relationship. Choose wisely.
Also Read This: Money Saving Expert Mortgage Guide: Smart Home-Buying Tips Backed by Martin Lewis