With a fixed rate mortgage, the interest rate remains the same for a set period of time. This means that your mortgage payment would be the same amount every month during that period.
✔ Gives you certainty about your interest rate for a set period of time
✔ Protection from interest rate rises for the fixed rate period
✘ If variable rates decrease, you would not benefit from a reduction in your monthly repayment
✘ If you wish to move lender, any move may involve paying early repayment charges