When choosing a buy to let mortgage, one of the first decisions you’ll face is whether to go for a fixed or variable rate. Both have their pros and cons, and the right choice depends on your plans, budget, and attitude to risk.

Is a buy to let mortgage always fixed rate?

No. A buy to let mortgage can be fixed, variable, or tracker, depending on what works best for the landlord. Fixed-rate mortgages are popular because they offer stability, but that doesn’t mean they’re the only option.

Many landlords prefer fixed buy to let interest rates to plan their rental income without worrying about changing payments. But others are happy to go with variable or tracker rates if they believe rates will fall or stay low.

How do fixed-rate buy-to-let mortgages work?

A buy to let fixed rate mortgage gives you a set interest rate for a specific period. This means your monthly payments stay the same, making it easier to manage your cash flow.

Let’s say you take a fixed rate for five years. No matter how the Bank of England base rate moves during that time, your rate will not change. You’ll pay the same amount every month.

This can be helpful if you want peace of mind. You won’t need to worry about rate hikes, and it’s easier to plan your rental income against your outgoings.

Once your fixed term ends, you’ll usually be moved to the lender’s standard variable rate (SVR) unless you choose a new deal.

What are the most common rates available?

When exploring buy to let mortgage rates UK, you’ll often see fixed terms of 2, 5, or 10 years. Each comes with its own pros and cons, and the right choice depends on how long you plan to hold the property and your appetite for flexibility.

A 2-year fix

This short-term option suits landlords who want flexibility. After two years, you can switch or remortgage without facing long-term tie-ins. It’s a good pick if you’re unsure about your long-term plans or want to review your rate soon. However, you’ll need to shop around again quickly.

A 5-year fix

You can also consider 5 year buy to let mortgage rates as they offer a good balance between long-term security and manageable commitment. Landlords often choose this option for steady repayments and protection against rate rises, without locking in for too long.

A 10-year fix

This long-term option suits landlords planning to keep their property for many years. It offers steady monthly payments and strong protection against rising interest rates. Unlike buy to let tracker mortgage rates, which can fluctuate with the market, a 10-year fix gives you certainty throughout the term. Just keep in mind that if you want to switch deals or sell early, you may face higher early repayment charges.

Your choice depends on your investment strategy and how long you want repayment certainty.

Can you get a variable or tracker rate buy-to-let mortgage?

Yes, you can. Not every landlord wants to fix their rate. Some prefer flexibility, especially if they think interest rates might drop or stay low.

With a buy to let variable mortgage rate, the interest can go up or down during the term. Your monthly payment will change depending on the lender’s rate. This could mean lower payments at times, but also higher ones if rates rise.

A buy to let tracker mortgage rate works a bit differently. It follows the Bank of England base rate, plus a set margin. For example, if the base rate is 4% and your tracker adds 1%, your rate will be 5%. If the base rate drops, your payment may too.

While these types don’t offer the security of fixed payments, they can work well if you’re willing to take a bit of risk for the chance of lower costs.

The pros and cons for landlords

When choosing between fixed, variable, and tracker mortgage deals, landlords need to carefully weigh both the advantages and the drawbacks. Each type of rate behaves differently, so it’s important to match your choice with your financial goals.

Pros of fixed rate mortgages:

  • Your payments stay the same each month, no matter what happens to the wider market.
  • It makes it easier to plan your rental income and control your property costs.
  • You’re protected if UK buy to let mortgage rates rise during your term.

Fixed rate terms like 5 year buy to let mortgage rates are especially popular for offering a good mix of stability and mid-term flexibility.

Cons of fixed rate mortgages:

  • You may pay more than necessary if interest rates drop during your fixed period.
  • Early repayment charges can apply if you switch or sell the property before the term ends.

Pros of variable and tracker mortgages:

  • You can benefit from lower rates if the Bank of England base rate goes down.
  • Some deals come with fewer early exit fees and lower starting rates.

Cons of variable and tracker mortgages:

  • Payments can rise unexpectedly, making it harder to manage cash flow.
  • It’s more difficult to budget if you depend on consistent rental income.

If you’re unsure which type of mortgage suits your needs, take a look at the full guide to buy to let mortgage requirements.

Is a buy to let fixed rate mortgage right for you?

A buy-to-let fixed-rate mortgage is often a good fit for landlords who value predictability. If your goal is to set a stable rent and know your monthly profit, a fixed rate helps you do that. It’s also helpful if you’re just starting out and want to avoid surprises.

However, if you’re experienced, expect to sell the property soon, or want to take advantage of potential interest rate drops, buy to let variable mortgage rates might suit you better.

What happens after a fixed-rate mortgage period ends?

Once your fixed rate ends, your lender will usually switch you to their standard variable rate (SVR). This rate is often higher than your fixed rate and can change at any time. That means your monthly payments might go up, even if your financial situation hasn’t changed.

To avoid this, many landlords remortgage before the fixed term finishes. You can either choose a new buy to let fixed rate mortgage, or explore options with buy to let tracker mortgage rates or variable deals, depending on what suits your plans at that time.

It’s a good idea to review your mortgage at least six months before your fixed rate ends. That gives you time to research, compare, and avoid moving onto the SVR without a plan.

If you’re considering your next steps, you may also want to look into how much deposit you’ll need for future properties, especially if you’re expanding your portfolio.

Final thoughts

The options for a buy-to-let mortgage can vary. A fixed rate gives you certainty. A variable gives you flexibility. Your choice depends on your comfort with risk, your financial goals, and how long you plan to hold the property.

If you’re new to investing or want more predictable costs, a 5-year fixed deal might be a smart place to start. For seasoned landlords watching the market, buy to let variable mortgage rates could help you save money if interest rates go down.

Still not sure? Explore more about buy to let mortgage options and speak to a specialist to find what’s right for your situation.