Fixed rate mortgages tumble to a two-year low Mark Harris, chief executive of mortgage broker SPF Private Clients, sid that for those who require the certainty of a fixed rate, a five-year deal makes a lot of sense. With interest rates unlikely to rise in the next couple of years, there is not much value in opting for a two-year fix. However, a five-year fix will give you security for longer and with rates significantly lower than a year ago, there are some excellent deals available. However, he warned that the low rates may not last. He added: "While five-year Swap rates have fallen considerably over the past year, they have started to creep up since Easter. So while lenders have reduced their five-year fixes since last year, this situation is unlikely to last, particularly as they are increasingly using mortgage rates as a way to maintain service levels i.e. if they are inundated with business, they raise rates to keep service levels at a manageable level. But if you have at least 20 per cent equity in your home or that level of deposit, you should still be able to fix for five years at less than 4 per cent, which is cracking value. David Hollingworth of London & Country mortgage brokers said: "Some people will remortgage to put more certainty into their finances, either by fixing the rate or taking a tracker directly pegged to Base rate in light of the recent hikes in standard variable rates. The clear benefit is the potential to save money and or lock into a very competitive fixed rate while they are still so low. Borrowers need to remain careful about the fees that can be incurred and factor in incentives like free valuation and free legal work to get the best overall value. Those seeking longer term security could opt for a five-year fix from Yorkshire Building Society at 3.79 per cent up to 75 per cent LTV with a £495 fee, free valuation and free legal work.