The key selling point of a fixed rate mortgage has always been payment security. You know that the rate you will pay for your mortgage will stay the same for the pre-agreed term, normally two, five or ten years. So whatever else happens to interest rates and the economy your monthly mortgage payments won't change. This is what makes fixes such good choices for first-time buyers or anyone else stretching to climb up the housing ladder.

Advantages of Fixed Rates

• A fixed rate will give you peace of mind with your mortgage payments.
• Your mortgage rate and monthly payment remain the same despite increases in the Bank of England Base Rate.
• You can fix your mortgage from 18 months to 25 years.

Disadvantages of Fixed Rates

• The disadvantage of a fixed rate mortgage is that if interest rates drop you'll be tied into your set higher rate until the end of the agreed period.

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