With a fixed rate mortgage, the rate of interest is fixed for a certain length of time, usually between 1 and 5 years. The major benefit is you'll know exactly how much you will pay each month for the fixed rate period.  

Fixed rates can be good value if interest rates look set to rise in the early years of a mortgage, although bear in mind that the mortgage providers are likely to be one step ahead of you and adjust their fixed rates accordingly. 

However, the fixed rate also means you could end up paying more than everyone else if general interest rates fall below the figure you've set yours at. But that's the risk you take in exchange for having certainty about how much you will pay each month.

Around 70% of borrowers now have a fixed rate mortgage, and with interest rates on the rise, it's easy to see why.

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