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.

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 a good 5 year fixed rate 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.

Should you fix your mortgage for 5 years?

When considering different types of mortgage you may ask: it is a good idea to fix my mortgage for five years?

That is because there are a lot of different mortgage deals on offer - both fixed and non-fixed. 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 fixing your mortgage for five years 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 mortgage

The cheapest mortgage 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 mortgage rates in the mortgage market. Right now mortgage rates are extremely low so it could be a good time to find a cheap mortgage and lock it in for five years.

What are the alternatives to a 5 year fixed mortgage?

It's hard to see into the future, and you may be thinking, should I be fixing my mortgage for 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 now we've left the European Union and in the middle of a global pandemic, a five year fix might be an option if you want some certainty and security around your mortgage.

Alternatively, your best fixed rate mortgage might be for a shorter term and you could look at the security of a fixed rate mortgage which you don't need to commit to for as many years.

Two year fixed

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

A ten year fixed rate mortgage gives you security for a much longer time, but now that Brexit has happened it is very hard to predict what might occur over the next decade.

Discount mortgage

Another alternative 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 mortgages

Tracker mortgages 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 traditional mortgages, 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?


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.

About our mortgage comparison


Who do we include in this comparison?


We include mortgages from every lender in the UK. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.


How do we make money from our comparison?


We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.

Last updated: 28 January, 2021