What happens when a 2-year fix ends?

You move to your lender's standard variable rate unless you take a new deal. This calculator assumes you re-fix at today's 2-year rate plus the scenario's change, and re-works the payment on the balance you still owe.

Why can a tracker look cheaper and still be riskier?

A tracker's payment moves as soon as Bank Rate does. If rates fall it gets cheaper straight away; if they rise, so does your payment, with no fixed period to protect you. The scenarios show both directions.

Where do the market rates come from?

The average 2-year and 5-year fixed rates are the Bank of England's published averages for a 75% loan-to-value mortgage, shown with the month they describe. With a smaller deposit you will usually pay more than the average.

Fix vs Tracker Calculator

Nobody knows where interest rates are heading. See what a 2-year fix, a 5-year fix and a tracker would each cost you over five years if rates fall a point, stay put, or rise one or two.

Loan (£)

Term (years)

2-year fix rate (%)

5-year fix rate (%)

Bank Rate (%)

Tracker margin over Bank Rate (%)

Least interest if rates stay put

Tracker

If rates stay put, the tracker costs least in interest over five years; if they rise two points, the 5-year fix does.

Arithmetic, not a forecast or a recommendation. No product fees included.

2-year fix

£1,216/mo

£51,247 interest over 5 years

5-year fix

£1,169/mo

£47,311 interest over 5 years

Tracker

£1,140/mo

£44,860 interest over 5 years

Interest paid over five years

Scenario	2-year fix	5-year fix	Tracker
Rates fall 1 point	£45,567 £1,216/mo → £1,107/mo	£47,311 £1,169/mo	£35,128 £1,028/mo
Rates stay where they are	£51,247 £1,216/mo	£47,311 £1,169/mo	£44,860 £1,140/mo
Rates rise 1 point	£56,964 £1,216/mo → £1,331/mo	£47,311 £1,169/mo	£54,704 £1,258/mo
Rates rise 2 points	£62,711 £1,216/mo → £1,450/mo	£47,311 £1,169/mo	£64,641 £1,382/mo

Each scenario moves rates now and holds them for five years. The tracker follows at once; the 2-year fix re-fixes at today's 2-year rate plus the move from month 25; the 5-year fix does not change. Lowest interest in each row in bold.

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Estimates only, based on the assumptions you enter and current published rates. Not financial advice. Your actual costs depend on your circumstances and your lender.

How to read the comparison

A fixed rate buys certainty for its term: your payment cannot move until the deal ends. A tracker follows Bank Rate plus a set margin, so it moves with every Bank of England decision, in both directions. A shorter fix is often priced differently from a longer one, but it ends sooner, and you then take whatever rate is available at that time.

This calculator shows the arithmetic for four scenarios. It does not predict rates or recommend a product. Real deals also carry arrangement fees, early repayment charges and conditions this comparison leaves out, so check them with a lender or a broker.

Frequently asked questions

What happens when a 2-year fix ends?: You move to your lender's standard variable rate unless you take a new deal. This calculator assumes you re-fix at today's 2-year rate plus the scenario's change, and re-works the payment on the balance you still owe.
Why can a tracker look cheaper and still be riskier?: A tracker's payment moves as soon as Bank Rate does. If rates fall it gets cheaper straight away; if they rise, so does your payment, with no fixed period to protect you. The scenarios show both directions.
Where do the market rates come from?: The average 2-year and 5-year fixed rates are the Bank of England's published averages for a 75% loan-to-value mortgage, shown with the month they describe. With a smaller deposit you will usually pay more than the average.

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Estimates only, based on the assumptions you enter and current published rates. Not financial advice. Your actual costs depend on your circumstances and your lender.

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