In November 2026 the average two-year and five-year fixes are almost the same, at about 5.97% and 6.00%. Choose a five-year fix if you value certainty and expect to stay put. Choose a two-year fix (or a tracker with no early repayment charges) if you might move, expect your income to change, or want the chance to refinance sooner if rates fall.
- 01The trade-off at a glance
- 02When a five-year fix makes sense
- 03When a two-year fix makes sense
- 04Other options worth a look
01The trade-off at a glance
| Two-year fix | Five-year fix | |
|---|---|---|
| Average rate (Nov 2026) | 5.97% | 6.00% |
| Payment certainty | Two years | Five years |
| Early repayment charges | Shorter period | Longer period, often 5% falling to 1% |
| Fees over five years | Likely two sets of product fees | One |
| Benefit if rates fall | Sooner | Later |
02When a five-year fix makes sense
- You plan to stay in the home for at least five years.
- Your budget is tight and a rise in payments would cause real strain.
- You want to avoid paying arrangement fees and legal costs every two years.
Most fixed rates are portable, so you can usually take the deal with you if you move, subject to the lender approving the new property and loan.
03When a two-year fix makes sense
- You expect to move, extend or restructure within a few years.
- You expect a significant pay rise, bonus or inheritance that could reduce your loan.
- You think rates may fall and are comfortable taking the risk that they do not.
04Other options worth a look
Trackers with no early repayment charges follow the base rate but let you switch to a fix at any time. Offset mortgages let savings reduce the interest you pay. For larger loans, private banks sometimes offer interest-only or bespoke terms that do not fit neatly into a two- or five-year box.
Use our repayment calculator to compare payments, or speak to us for a side-by-side comparison of two- and five-year deals for your loan size.
Frequently asked questions
Is a 10-year fix worth it?
It gives the longest certainty, but early repayment charges can last for most of the term. It suits people very sure of their plans.
Can I leave a fixed rate early?
Yes, but you will usually pay an early repayment charge, often 1% to 5% of the balance. Moving home is often possible without one if the deal is portable.
What happens when my fixed rate ends?
You move onto the lender's standard variable rate, currently averaging over 7%, unless you arrange a new deal. You can usually secure one up to six months before.
Are two-year fixes cheaper than five-year fixes?
Not always. In November 2026 the averages are almost identical, so compare total cost including fees, not just the headline rate.