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5 year fixed rate mortgages

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Author
Atousa Cunnell
Updated by
James Andrews
Last updated
May 14th, 2025
Reading Time -
5 mins
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What is a 5 year fixed-rate mortgage?

A 5 year fixed-rate mortgage lets you lock in your interest rate for five years, so your monthly repayments won’t change, even if the Bank of England raises its base rate.

Fixed rates are popular with first-time buyers due to the financial certainty they offer. With many lenders competing, a whole-of-market broker can help you find the best deal.

How to find the best 5 year fixed rate mortgage

Your Mojo Mortgages expert can offer advice on finding the right 5 year mortgage deal for you

Tell us your mortgage information

You'll be asked a variety of questions to get a better understanding of your situation to help find a mortgage deal

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If you're eligible, you'll be shown a table of mortgage deals based on the information you provided

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Mojo experts will review the mortgage deal you like, make sure it's your best option, and sort the rest out for free

Should I fix my mortgage for 5 years?

Fixing your mortgage for 5 years could be a smart move if you want peace of mind and predictable monthly payments, especially if you think interest rates might rise. It's also a popular choice for those on a budget or looking for financial stability.

However, 5 year fixed mortgage rates can come with higher initial rates and less flexibility. If you think you might move, remortgage, or repay early within that time, you could face early repayment charges (ERCs).

If you're unsure about committing for 5 years, you might prefer a shorter fix such as a 2 year fixed mortgage rate. On the other hand, if you want long-term certainty, some lenders offer 10 year fixed-rate mortgages or more.

Ultimately, it depends on your personal plans, finances, and how much flexibility you want.

Advantages and disadvantages of a 5-year fixed-rate mortgage

Advantages

It helps you budget by guaranteeing your monthly payments for five years
Your costs are fixed during the deal which means that they don’t change if the Bank of England base rate goes up
It protects you from banks and building societies increasing their rates
It helps you plan for other expenses such as home improvements
It reduces how often you need to remortgage and pay associated fees

Disadvantages

You won't benefit if interest rates fall after you’ve locked in
They can have expensive early repayment fees if you want to overpay, move home or remortgage
You'll have less flexibility if your financial circumstances change
Interest rates are generally higher initially compared with variable-rate deals
Fixed-rate mortgages can have higher arrangement fees

Alternatives to a 5 year fixed mortgage rate

2-year fixed-rate mortgage

2-year fixed-rate mortgages often have the lowest interest rates and monthly repayments. However, because they end sooner, you’ll need to remortgage about 2.5 times more than with a 5-year fix.
Compare 2 year fixed rate mortgages

10-year fixed-rate mortgage

A 10-year fixed-rate mortgage offers long-term security compared to a 5-year fix, but it often comes with higher interest rates. Additionally, if you need to exit the deal early, you may face substantial penalty fees.
Compare 10 year fixed rate mortgages

Tracker mortgage

If you prefer not to commit to a fixed-rate mortgage, a variable-rate option like a tracker might suit you. Tracker mortgages are linked to an index, often the Bank of England base rate. When the rate rises, your mortgage rate increases, but if it drops, your payments decrease accordingly.
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Discount mortgage

A discount mortgage offers a variable interest rate below the lender's standard variable rate (SVR), usually by 1–2%. The rate and monthly repayments can fluctuate based on changes to the SVR, which, though not directly tied to the Bank of England base rate, is often influenced by it.
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Offset mortgage

An offset mortgage links your savings to your home loan, reducing the interest you pay. The value of your savings and credit balances is deducted from your mortgage when interest is calculated, lowering monthly repayments. You can access savings, but won’t earn interest. Fixed and variable-rate options are available.
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“With recent rate cuts from the Bank of England, 5-year fixed-rate mortgages are becoming more attractive, offering long-term stability at competitive rates. However, they may come with higher initial rates and early repayment charges, so it’s important to assess your financial situation and long-term plans before committing.”
Author image
Atousa Cunnell
Content Producer - Mortgages

5 year fixed-rate mortgage FAQs

What is the average five-year fixed-rate mortgage today?

Currently if you're looking to get a 5 year fixed mortgage, the average rate for a 75% loan to value ratio is 5.04% (as of 14th May 2025). However, the rate you get will depend on your financial circumstances and the size of your deposit.

It’s important to factor in any fees or costs when looking for the cheapest mortgage rate. You may find it’s cheaper to opt for a deal with a higher interest rate and no fee rather than one with a lower interest rate but a high fee.

The best 5 year fixed mortgage rate will typically have low fees and a relatively competitive interest rate.

Is it a good time to fix mortgage rates?

Whether a 5-year fixed-rate mortgage is right for you really depends on your financial circumstances. Locking in a rate now would give you peace of mind that your repayments will remain the same for five years, which makes for easier budgeting.

However, if interest rates were to fall in the next few years, you wouldn't benefit from this.

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

Yes, but many lenders charge you for overpayments over a certain amount - you'll need to discuss the overpayment options with them. You’ll also usually have to pay a hefty fee if you want to switch before the end of the five year fixed term.

What happens at the end of the five years?

The lender will move you to its SVR, which is likely higher than the fixed rate you were on, meaning you will pay more each month. It is often best to remortgage to a new deal as soon as possible to save money.

However, being on the lender's SVR can offer a lot more flexibility then other deals, so if you're planning to move soon it can sometimes be worth remaining on it for a short time.

About the author

Author imageAtousa Cunnell
Atousa Cunnell
Atousa is a Content Producer for money.co.uk, responsible for writing and editing a wide range of mortgage content that are helpful to the reader.

money.co.uk is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

money.co.uk and Mojo Mortgages are part of the same group of companies. money.co.uk is a trading name of Dot Zinc Limited, registered in England (4093922) and authorised and regulated by the Financial Conduct Authority (415689). Our registered address is: The Cooperage, 5 Copper Row, London, England, SE1 2LH.

Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.