Should you fix your mortgage or opt for a variable rate?

With speculation rife the Bank of England is set to continue cutting rates in May and throughout 2025, homeowners remortgaging this year must choose between the stability of a fixed mortgage or the chance to benefit from future rate cuts on a variable rate deal.

Woman looks at document in her hand as she sits with laptop on kitchen table
Fixed rate mortgage deals offer stability while variable rate deals offer homeowners the chance to benefit from future interest rate cuts.
(Image credit: MoMo Productions via Getty Images)

Millions of homeowners will come to the end of their fixed rate mortgages this year leaving behind some of the lowest mortgage rates ever offered in the UK.

Those who locked into a fixed rate in 2020 or before, with equity of at least 40%, are likely to be rolling off an interest rate of around 2% and facing much higher borrowing costs.

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Samantha Partington is an award-winning freelance journalist writing about property, mortgages, personal finance and interiors.

Before going freelance she wrote for the Daily Mail's personal finance section and prior to that she was the residential correspondent for real estate business title Property Week. She was also the former deputy editor of trade title Mortgage Solutions.

Before becoming a journalist, Samantha worked as a mortgage broker and is CeMAP qualified. Follow her on Twitter @SamJPartington1.

With contributions from