Typically 2, 3 or 5 years. Your repayments will remain the same throughout this period allowing you to budget knowing your monthly mortgage payments will not alter during this period. It normally means paying a slightly higher mortgage repayment for the security of guaranteed repayments during the fixed rate period.
For a set number of years, usually have a lower interest rate of one to five years, the lender offers a reduction on its standard variable rate (SVR). This type of product will usually have a lower interest rate than a fixed rate deal. However, it is dependant on the lender and the rate can increase as well as decrease with the lender giving a short notice period.
These mortgages track the Bank of England Base Rate (BBR). Typically 2, 3 or 5 years, the rate is altered when the Bank of England alters the Bank Base Rate. This can increase as well as decrease. This type of mortgage rate is normally cheaper than a fixed rate and is suited for people that want to take advantage of a lower rate but who can also withstand an increase in their mortgage payments in the future.