What are fixed rate mortgages?

A fixed rate mortgage is a type of mortgage where the interest rate is fixed for a certain period of time, typically two, three, five or ten years. This means that the borrower will know exactly how much their monthly repayments will be for the duration of the fixed rate period, regardless of any changes in the overall interest rate. Once the fixed rate period ends, the borrower will typically be transferred to the lender's standard variable rate, which can fluctuate with changes in the market interest rate