Not sure whether to choose a fixed rate or a variable rate mortgage? Here's a simple way to think about it. A fixed rate mortgage means your monthly payments stay the same for an agreed period, usually 2 or 5 years. It's great if you want certainty and protection from interest rate rises. A variable rate mortgage, on the other hand, can go up or down depending on your lender's rate or changes in the market. That means your monthly payments could change too. Here's a bonus tip