Five year fixed mortgages offer an interest rate that will stay the same for five years.

Interest rates on other mortgage types can go up at any time, increasing how much you have to pay your lender each month.

Find a five year mortgage

This comparison includes every five year fixed rate mortgage available in the UK. Find the best deal by comparing them to find a mortgage with the right LTV, the cheapest interest rate and the lowest fees.

You can get a five year deal for a new home or if you need a remortgage for your current property.

Advantages of five year fixed rates

Fixing your interest rate for five years guarantees you pay the same amount each month for the whole period, even if the lender's other interest rates go up.

They are most suitable if you would struggle to make your mortgage payments if they went up in the next five years.

Disadvantages of five year fixed rates

Fixed rate mortgages usually have higher interest rates than other types. If interest rates fall elsewhere, you will still be stuck with this higher rate for the full five years.

If you change to a cheaper mortgage during the five year term you have to pay early repayment fees, which can be expensive.

Alternatives to a five year fixed rate

Other fixed rate periods

You can also get fixed rate mortgages with terms that last for:

  • One year

  • Two years

  • Three years

  • Ten years

Other types of interest rate

You can also get mortgages that offer:

  1. 1.

    Variable interest rates, which can go up or down whenever the lender wants to change them

  2. 2.

    Tracker interest rates, which rise and fall whenever a financial indicator like the Bank of England base rate changes

  3. 3.

    Discount interest rates, which are variable but always set at an agreed amount under the lender's standard variable rate (SVR)

  4. 4.

    Capped interest rates, which can be any of the above mortgage types but guarantee a maximum that the interest rate cannot rise above

Do they always last for five years?

The length of the fixed period is not always precisely five years.

  • Some five year fixed rates last until exactly 60 months after you take them out.

  • Some deals last until a specific date, usually the last day of the month in approximately five years. These fixed rate periods last between 58 and 65 months.

Five year fixed rate mortgage FAQs


What happens at the end of the five years?


You will be moved to the lender's standard variable rate, which is likely to be higher, meaning you will pay more each month.


Can I pay off my mortgage within the five year period?


Yes, but many lenders charge you for this. Fixed mortgages usually charge you if you repay or switch them before the fixed rate ends.


Can I get a mortgage fixed for more than five years?


Ten years is currently the longest fixed rate mortgage you can get, although lenders have offered 15 or even 25 year terms in the past.


Where can I find mortgages with other fixed periods?


You can compare all fixed rate mortgages including those fixed for one, two, three, five and ten years.


Will applying for a mortgage affect my credit rating?


Yes, every application for credit you make appears on your credit record, so avoid applying for too many. Here is how your credit history works.


Are there five year fixed rate buy to let mortgages?


Yes, and you can compare buy to let mortgages here, including fixed rate deals that last for five years.