Money MoT: Chelsea Building Society two-year fixed-rate mortgage Mr Anderson pointed out that for just a couple more of percentage points, borrowers can access an offset option at 2.19pc, which is an competitive price for increased flexibility. This will appeal to those borrowers who have some savings which they wish to hold onto but at the same time can use them to reduce the interest they pay on their mortgage. Other good deals available on two-year fixes include Leeds Building Society's two-year fix pegged at 2.54pc for those borrowing 75pc LTV with a £199 fee, or 3.59pc from the Cooperative Bank for those requiring 85pc LTV with no fee to pay. However, one potential downside of this product is that you are only fixing for two years so after that time will need to remortgage onto another deal. "If interest rates have risen, you will be looking at more expensive rates whereas a three or five-year fix would cost you more now but give you greater protection for longer," said Mr Anderson. However, it is always important not to fix for longer than you are absolutely sure about; otherwise there will be a penalty to pay to get out of the mortgage during the fixed period.