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What is a five-year fixed-rate mortgage

What is a five-year fixed-rate mortgage?

A five-year fixed-rate mortgage allows you to lock in the interest rate on your home loan for five years. That means your monthly repayments will not increase during that time - even if the Bank of England base rate rises.

This can be useful for people on a tight budget or anyone who wants peace of mind that their monthly costs will remain affordable. It’s especially helpful if you think rates are likely to rise over the coming years. However, it usually comes at a higher cost and means that if the Bank of England lowers the base rate, you won’t benefit.

Fixed-rate mortgages are popular with first-time buyers because of the financial security they can provide. There are lots of competing providers, so it pays to shop around and find the best 5-year fixed-rate mortgage.

The other main type of mortgage is a variable-rate mortgage, which includes tracker mortgages and discount-rate mortgages. With these types of mortgages, the interest rate, and thus your repayments, can change from month to month.

Variable-rate mortgages are often good value if the base rate stays steady, but they can leave homeowners facing sharply rising bills if the Bank of England pushes up interest rates. 

How to compare 5-year fixed-rate mortgage deals

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Mojo will find out about your circumstances, check your eligibility, and search across the whole of market to help you secure the best mortgage for your circumstances.

An expert will be on hand to offer help and advice and you will be supported through each step of your mortgage application.

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Should you fix your mortgage for five years 2

Should you fix your mortgage for five years?

Whether or not to fix your mortgage depends on how much flex you have in your monthly budget, what you think rates might do and how important security is to you. If you are worried about how much your mortgage could rise and you can’t afford for interest rates to go up, a five-year fixed rate deal is well worth considering. 

If you’d prefer not to lock in your mortgage rate for as long as five years, you could also consider a two-year or three-year deal. Alternatively, if you prefer to lock in for even longer, some mortgage lenders offer fixed-rate deals of up to ten years or more. 

Advantages of a five-year fixed-rate mortgage

There are many advantages to taking out a five-year fixed-rate mortgage. These include:

  • Helping you budget by guaranteeing your monthly payments

  • Fixing costs so that they don’t change if the Bank of England base rate goes up

  • Protecting you against banks and building societies increasing their rates

  • Helping you plan for other expenses such as home improvements

  • Reducing how often you need to remortgage and pay associated fees 

Disadvantages of a five-year fixed-rate mortgage

There are also several drawbacks you will need to consider:

  • No benefit if interest rates fall after you’ve locked in

  • Expensive early repayment fees if you want to overpay, move home or remortgage

  • Less flexibility if your financial circumstances change

  • Interest rates are generally higher compared with variable-rate deals

  • Fixed-rate mortgages can have higher arrangement fees 

Find out more about the pros and cons of fixed-rate mortgages

How much deposit do I need to save for a five-year fixed-rate mortgage

How much deposit do I need to save for a five-year fixed-rate mortgage?

The best five-year fixed mortgage deal will depend on how much deposit you have saved. Most lenders will require a deposit of at least 5%, but if you can set aside more, you’ll have a better loan-to-value ratio and will get more attractive offers. That means more affordable repayments and lower interest rates.

It’s important to shop around and compare providers to ensure you’re getting the best price possible. That way, you can be safe in the knowledge that you’re choosing a mortgage that’s affordable and right for your circumstances.

What to do when your five-year fixed-rate mortgage ends 2

What to do when your five-year fixed-rate mortgage ends?

The lender usually moves you onto its standard variable rate (SVR) when your fixed-rate mortgage ends. The SVR is generally higher than your fixed rate, and your monthly repayments could increase significantly. For this reason, it’s best to shop around and remortgage to a new deal at this point. 

You can either remortgage to another fixed rate, locking in payments for between three and ten years, or explore alternative options such as a tracker mortgage.

Alternative options to a five-year fixed-rate mortgage

Two-year fixed-rate mortgage

A two-year fixed-rate mortgage is less of a long-term commitment and gives you more flexibility. However, you also have less security. Two-year fixes usually have the lowest interest rates and smallest monthly repayments, but you will need to pay mortgage fees 2.5 times more often than with a five-year fixed-rate mortgage.

Ten-year fixed-rate mortgage

A ten-year fixed-rate mortgage gives you security for much longer than a five-year fixed mortgage, but that comes at a cost. Interest rates are usually higher and if you need to get out of your deal early, you could have to pay a hefty penalty fee.

Discount mortgage

Another alternative is a discount mortgage. This is a mortgage with a variable interest rate set below the lender’s standard variable rate (SVR) – often by 1–2%. This amount is called the discount. 

Your mortgage rate and monthly repayments can go up and down, depending on how the bank or building society sets its SVR. For instance, if the Bank of England increases the base rate, mortgage companies typically follow suit – if yours does, your costs will go up.

Tracker mortgage

If you don’t want to choose a fixed-rate deal, you might prefer a variable-rate mortgage, such as a tracker. These follow another index or interest rate, usually the Bank of England base rate. If that rate goes up, your tracker mortgage rate will follow suit, but if it falls, you’ll also pay less.

Tracker mortgages are often cheaper than even the lowest five-year fixed-rate mortgage, but there’s the added risk of the interest rate going up and your mortgage repayments increasing.

If you’re keen to avoid fees, a lifetime tracker mortgage lasts for your entire mortgage term. You should be able to change your deal at any time with no early repayment charges, but these mortgages tend to cost more than shorter-term tracker deals.

Offset mortgage

An offset mortgage allows you to reduce the amount of interest you pay by linking your savings to your home loan. The value of your savings and credit balances is deducted from your mortgage when interest is calculated - meaning lower monthly repayments overall. Usually, you can access your savings, but you won’t earn any interest on them.

Nisha Vaidyaquotation mark
The Bank of England has been raising interest rates recently, and they look like they're still on the rise. A longer-term fixed mortgage might help keep your repayments down for longer.
Nisha Vaidya, Mortgage Editor

Five year fixed rate mortgage FAQs


Overall representative example

Based on borrowing£170,000 over 25 yearsThe overall cost of comparison4.46% APRC Representative
Initial rate3.34% fixed for 2 years (24 instalments of £884.45pm)Subsequent rate (SVR)4.66% variable for the remaining 23 years (276 instalments of £944.66pm)
Lender fee£517Total amount payable£282,470.34

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