Fixed rate mortgages below 6% are available again after the rises see in the early part of the your due to the credit crisis. That said, it is possible to obtain mortgage rates below 5%, but you will wither be paying huge set up fees, or be subject to a tie in. Fixed rate mortgage are even more competitive (rate wise) that variable rates at the moment.

However, it may be that a fixed rate is not the best longer term proposition. If the Bank of England does reduce interest rates then you will be stuck. On the other hand, if rates increase as a result of The Bank’s commitment to reduce inflation, then perhaps fixing is the best plan. Difficult call! The mortgage market is likely to be unpredictable for a time to come yet, so care should be taken. Look at your budget: if you do not have the flexibility within it for rates to rise, then fixing would seem sensible. Never forget your overall budget. Make a budget, yes, but ensure it is honest.