A fixed-rate mortgage is one with a fixed interest rate over an initial period of time, often up to 5 years. This can seen as similar to an introductory offer when you take out the mortgage with a lender. After the initial offer has ended, your mortgage would turn into a Variable rate mortgage
A variable-rate mortgage has a variable interest rate, that can go up and down over time which can be subject to the UK economy including changes such as Growth, Policy and Inflation.
Visit our partner Mojo's jargon buster page to find out more about fixed-rate mortgages with some tips on how to avoid paying more here.