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The advantage of fixing your mortgage rate is that it enables you to see exactly how much your mortgage will cost each month. Repayments will not change for the term of the fixed rate which will work to your advantage if the Bank of England base rate rises, but will leave you on a higher than necessary rate if interest rates fall.

Generally speaking, they are most popular among those who are stretching to afford their repayments and those who simply want to be able to budget accurately each month.

Even if fixed-rates are more expensive than the best discounts or tracker deals, to many people they are worth the premium for the peace of mind that they offer.

On the downside, most, but not all, fixed rates have a lock-in, known as an Early Repayment Charge (ERC), that keeps you tied to your lender because if you switch to another deal before the fixed period has expired, you will have to pay a the ERC which can total many thousands of pounds.

Generally speaking, however, as long as you are comfortable with the term of the fixed rate, this is not a problem. Extended Early Repayment Charges, however, which can lock you into the more expensive Standard Variable Rate for many years after the fixed rate has expired, should be avoided.

For the best fixed-rate deals, call one of our expert advisers on 0800 358 5068.