Compare 5 year fixed rate mortgages

Compare the best 5 year fixed rate mortgage options available and find out whether a fixed mortgage is the best option for you in this guide. By fixing your mortgage interest rate, you can be sure of the cost of your repayments for the next five years.

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1054 results found, sorted by lowest initial rate. How we order our comparisons. Commission earned affects the table's sort order.
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Nationwide 5 year fixed
Maximum LTV
60%
Initial rate
0.94% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Nationwide 5 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
0.97% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Nationwide 5 year fixed remortgage
Maximum LTV
60%
Initial rate
0.97% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Nationwide 5 year fixed
Maximum LTV
60%
Initial rate
0.99% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Nationwide 5 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
0.99% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Nationwide 5 year fixed remortgage
Maximum LTV
60%
Initial rate
0.99% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.4% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Santander 5 year fixed cashback mortgage
Maximum LTV
60%
Initial rate
0.99% fixed until 02 Jan 2027
Subsequent rate (SVR)
3.35% base rate tracker
Overall cost for comparison
2.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of the outstanding balance, before 02 Jan 2027

- £250 cashback needs to be repaid before 02 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Santander 5 year fixed cashback remortgage
Maximum LTV
60%
Initial rate
0.99% fixed until 02 Jan 2027
Subsequent rate (SVR)
3.35% base rate tracker
Overall cost for comparison
2.1% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£749 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of the outstanding balance, before 02 Jan 2027

- £250 cashback needs to be repaid before 02 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Santander 5 year fixed cashback remortgage
Maximum LTV
70%
Initial rate
0.99% fixed until 02 Jan 2027
Subsequent rate (SVR)
3.35% base rate tracker
Overall cost for comparison
2.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of the outstanding balance, before 02 Jan 2027

- £250 cashback needs to be repaid before 02 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Santander 5 year fixed remortgage
Maximum LTV
60%
Initial rate
0.99% fixed until 02 Jan 2027
Subsequent rate (SVR)
3.35% base rate tracker
Overall cost for comparison
2.1% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£749 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of the outstanding balance, before 02 Jan 2027

- £200 fees contribution needs to be repaid before 02 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Santander 5 year fixed remortgage
Maximum LTV
70%
Initial rate
0.99% fixed until 02 Jan 2027
Subsequent rate (SVR)
3.35% base rate tracker
Overall cost for comparison
2.3% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of the outstanding balance, before 02 Jan 2027

- £200 fees contribution needs to be repaid before 02 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 5 year fixed
Maximum LTV
60%
Initial rate
1.03% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.1% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed cashback mortgage
Maximum LTV
60%
Initial rate
1.03% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.03% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.03% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,495 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
HSBC 5 year fixed remortgage
Maximum LTV
60%
Initial rate
1.04% fixed until 31 Jan 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking fee£999 with an option to add to the loan
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, in the first year

- 4.00% of amount paid, in the second year

- 3.00% of amount paid, in the third year

- 2.00% of amount paid, in the fourth year

- then 1.00% of amount paid, until 31 Jan 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Santander 5 year fixed cashback mortgage
Maximum LTV
70%
Initial rate
1.04% fixed until 02 Jan 2027
Subsequent rate (SVR)
3.35% base rate tracker
Overall cost for comparison
2.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of the outstanding balance, before 02 Jan 2027

- £250 cashback needs to be repaid before 02 Nov 2023

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Virgin Money 5 year fixed cashback mortgage
Maximum LTV
65%
Initial rate
1.04% fixed until 01 Feb 2027
Subsequent rate (SVR)
4.34% variable
Overall cost for comparison
3.0% APRC
Available on new builds. Available on an interest only or repayment basis. For residential interest only and part and part loans there is a minimum combined gross income requirement of £75,000.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.50% of the outstanding balance, before 01 Feb 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers
Max age at application68 years
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Nationwide 5 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.05% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.8% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Acceptedfalse
Nationwide 5 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.05% fixed for 5 years
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
2.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of the outstanding balance, in the first two years

- 2.50% of the outstanding balance, in the third year

- 1.75% of the outstanding balance, in the fourth year

- 0.75% of the outstanding balance, in the fifth year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed
Maximum LTV
60%
Initial rate
1.06% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.1% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed cashback mortgage
Maximum LTV
60%
Initial rate
1.06% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.1% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.06% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Halifax 5 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.06% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£995 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Scotland
Available in Wales
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Lloyds Bank 5 year fixed remortgage
Maximum LTV
60%
Initial rate
1.07% fixed until 30 Nov 2026
Subsequent rate (SVR)
3.59% variable
Overall cost for comparison
3.0% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 5.00% of amount paid, before 30 Nov 2022

- then 4.00% of amount paid, until 30 Nov 2023

- then 3.00% of amount paid, until 30 Nov 2024

- then 2.00% of amount paid, until 30 Nov 2025

- then 1.00% of amount paid, until 30 Nov 2026

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Overall representative example

Based on borrowing£170,000 over 25 yearsThe overall cost of comparison3.66% APRC representative
Initial rate2.08% fixed for 2 years (24 instalments of £710.99pm)Subsequent rate (SVR)3.88% variable for the remaining 23 years (276 instalments of £876.40pm)
Lender fee£550Total amount payable£259,498.79

How to find the best 5 year fixed mortgage

It's easy to find the best 5 year fixed rate mortgage for your needs. You can use our comparison tables to see the different offers available from a wide range of lenders.

The best 5 year fixed mortgage will typically have low fees, a competitive interest rate, and will allow you to borrow up to 95% of the property's value.

The amount of deposit a lender will ask for in proportion to the value of the purchase is known as the Loan to Value Ratio (LTV). The higher the LTV, the lower your deposit needs to be. If you are a first time buyer with only a 5% deposit saved up, the LTV you would be looking for would be 95%.

Generally, the higher the LTV, the higher your interest rate will be. If you drop your LTV to 90 or 85% you will be rewarded with a lower mortgage rate and smaller monthly repayments.

This comparison includes every 5 year fixed rate mortgage available in the UK. You can get a five year deal for a new home or if you need a remortgage for your current property.

What is a 5 year fixed rate mortgage?

A 5 year fixed rate mortgage means that your interest rate will stay the same for five years. You are guaranteed not to pay any more on your monthly mortgage instalments for five years, even if interest rates rise.

How to find the best 5 year fixed rate mortgage

If you’re looking for the best 5 year fixed rate mortgage for your needs, you can use our comparison tables to see the different offers available from a wide range of lenders.

The best five year fixed mortgage will typically have low fees, a competitive interest rate, and will allow you to borrow up to 95% of the property's value.

The amount of deposit a lender will ask for in proportion to the value of the purchase is known as the Loan to Value Ratio (LTV). The higher the LTV, the lower your deposit needs to be. If you are a first time buyer with only a 5% deposit saved up, the LTV you would be looking for would be 95%.

Generally, the higher the LTV, the higher your interest rate will be. If you drop your LTV to 90 or 85% you will be rewarded with a lower mortgage rate and smaller monthly repayments.

This comparison includes the best five year fixed rate mortgages available in the UK. You can get a 5 year fixed mortgage for a new home or if you need to remortgage for your current property.

What is a 5 year fixed rate mortgage?

A 5 year fixed mortgage means that your interest rate will stay the same for five years. You are guaranteed not to pay any more on your monthly mortgage instalments for five years, even if interest rates rise.

Some people find this helpful for budgeting because if you take out a fixed rate mortgage for five years, your mortgage costs will stay the same.

When a fixed rate mortgage ends, the mortgage lender usually moves you onto its standard variable rate (SVR). The SVR is usually much higher than your fixed rate and your monthly repayments will increase significantly.

Mortgage lenders are free to change the SVR whenever they want to, and it will often move up or down when the Bank of England base rate changes.

Fixed rate mortgages are popular with first time buyers because of the financial security they can provide. The other main type of mortgage is a variable rate mortgage.

Tracker mortgages and discount rate mortgages are both variable rate mortgages. With a variable mortgage, the interest rate, and thus your monthly repayments, can change from month to month.

Learn more about fixed rate mortgages

What is the lowest 5 year fixed mortgage rate?

The average 5 year fixed rate mortgage ranges from 1.5% to 2.5% depending on the lender and the type of deal on offer. However, it’s important to factor in any fees or costs associated with the mortgage when looking for the cheapest mortgage rate too - the best 5 year fixed rate mortgage with no fee may have a higher interest rate than a mortgage deal with a fee.

Should you fix your mortgage for 5 years?

When considering different types of mortgage you may ask: is a five year fixed rate mortgage the best option for my circumstances?

That is because there are a lot of different mortgage deals on offer - both fixed and variable. Also, the length of the fixed-rate term varies from two or three years, to five or even ten years, so there is a lot of choice.

The advantages of a 5 year fixed rate mortgage

Many people find fixed rate mortgages helpful because their monthly mortgage repayment costs are known and guaranteed for the term of the fix. Your costs won't rise, and you can budget accordingly. Even if bank or building society interest rates rise or the Bank of England decides to increase the base rate, your repayment costs will stay the same for five years.

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

The advantage of a five year fixed rate mortgage is that it gives you plenty of breathing space - you know your costs are not going to go up, and you can plan for other expenses, such as home improvements. It gives you the security of knowing exactly how much you'll need to pay and for how long.

The disadvantages of a 5 year fixed rate mortgage

When you take out your five year fixed mortgage, your interest rate will be set. If interest rates rise over the five year period, then you will have saved money, because your mortgage repayments will stay the same while costs rise for other borrowers.

However, five year fixed mortgages can work against you if interest rates fall after you have taken out the mortgage. Say you fixed your mortgage at 2.5% for five years, but interest rates fell to 1.5%. You would be paying an extra 1% for the security of having a five year fixed mortgage.

For some people, the security of a fixed rate mortgage is valuable, and they like the peace of mind that it brings, knowing that costs won't rise. They are prepared to pay a bit more, knowing that their monthly mortgage outlay is fixed.

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

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

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

How to find the cheapest 5 year fixed rate mortgage

The best 5 year fixed mortgage deals for you will depend on a number of factors including how much your deposit is and the fees and interest attached to your mortgage. It's important to compare providers and deals, to make sure you're getting the best price possible and you're choosing a mortgage you're happy with.

Lots of things could affect the cost, including what is happening with 5 year fixed rate mortgages in the mortgage market. Right now mortgage rates are extremely low so it could be a good time to lock in one of the cheapest 5 year fixed mortgage deals.

Should I get a 3 or 5 year fixed rate mortgage?

It's hard to see into the future, and you may be thinking, should I be fixing my mortgage for three or five years? How do I know whether a five year fixed mortgage would save me money?

Although it is quite a long time, and it is difficult to predict what will happen following the coronavirus pandemic, a five year fixed mortgage might be an option if you want some certainty and security around your monthly mortgage payments.

Alternatively, your best fixed rate mortgage might be for a shorter term such as three years, where you get the security of a fixed rate mortgage which you don't need to commit to for as many years.

Alternative options to a 5 year fixed rate mortgage

Two year fixed rate

A two year fixed rate mortgage means you don't have to commit for a long time, and gives you more flexibility. However, you have less security. Two year fixes usually have the lowest interest rates and smallest monthly repayments.

Find out more about two year fixed rate mortgages and compare the best deals

Ten year fixed rate

A ten year fixed rate mortgage gives you security for a much longer time than a 5 year fixed mortgage but as we come out of the coronavirus pandemic, it is very hard to predict what might occur over the next decade.

Find out more about ten year fixed rate mortgages

Discount mortgage

Another alternative to a 5 year fixed term mortgage is a discount mortgage.

A discount mortgage is a mortgage with a variable interest rate that is a set amount below the lender's standard variable rate (SVR).

The interest rate is usually lower than the SVR by one or two percent and this amount is called the discount.

Find out more about discounted mortgages

Tracker mortgage

Tracker mortgages are a type of variable mortgage. They have an interest rate that tracks another index or interest rate. Usually it's the Bank of England base rate. If that other interest rate goes up or down, your tracker mortgage rate will follow suit.

Tracker mortgages can often be cheaper than even the lowest 5 year fixed rate mortgage, but the risk of the interest rate going up, as well as the potential for it to go down, is greater.

Five year fixed rate mortgage FAQs

What happens at the end of the five years?

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

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

Where can I find mortgages with other fixed periods?

Will applying for a mortgage affect my credit rating?

Are there five year fixed rate buy to let mortgages?

About our mortgage comparison

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Last updated: 11 October, 2021

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