In a fixed rate mortgage plan, the interest rate is fixed for a set period of time, which can be for up to 5 years or more. The monthly mortgage payment remains the same, regardless if the mortgage providers interest rates rise or fall. This means that as a borrower, you know the exact amount of your monthly repayment and for how long you'll be paying it.
In some cases, the interest rate charged on a fixed rate mortgage can be more than the interest rates charged for other types of mortgages. The borrower may also have to pay an arrangement fee. Typically, on completion of the fixed rate deal, the lender's standard variable rate applies.