Fixed versus variable rates: which should you choose?

Fixed rate mortgages have proved hugely popular in recent years, but with increasingly attractive variable rate deals on offer, is it time for borrowers to consider other options?

Leeds Building Society has launched a new two-year discounted mortgage with a payable rate of just 0.99% (4.6% APRC) for homebuyers with a 35% deposit to put down, or the equivalent amount of equity if remortgaging. This deal has a £1,999 fee but comes with a free valuation and assistance with legal fees for remortgages.

The Leeds deal undercuts alternative fixed rate options and is the cheapest mortgage deal seen since the base rate went up to 0.75% in August.

However, before rushing to sign up, it’s vital to consider the pros and cons of opting for a variable rate over a fixed deal. You can find out more here.