Compare Our Best 5 Year Fixed Mortgage Rates

Compare our best five year fixed mortgage rates from the UK’s top banks and building societies. By establishing your mortgage interest rate, you can lock in the cost of your repayments for the next five years. Find out whether a long-term fixed-rate mortgage is right for you by reading the guide below.

Ad
Speak to a first direct qualified Mortgage Advisor

If you want to: Move house, remortgage, discuss our rates or borrow more then call 0808 296 6568 and speak to one of first direct's dedicated advisors. Absolutely free and with no obligation over the phone.

Call 0808 296 6568

Available via telephone only.

951 results found, sorted by lowest initial rate. How we order our comparisons. Commission earned affects the table's sort order.
Sort
Newcastle Building Society 5 year fixed for first time buyers
Maximum LTV
75%
Initial rate
1.25% fixed until 28 Feb 2027
Subsequent rate (SVR)
3.96% variable
Overall cost for comparison
2.9% APRC
Available via telephone only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
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, before 28 Feb 2023

- then 4.00% of amount paid, until 29 Feb 2024

- then 3.00% of amount paid, until 28 Feb 2025

- then 2.00% of amount paid, until 28 Feb 2026

- then 1.00% of amount paid, until 28 Feb 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
First Time Buyers Only
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Nationwide 5 year fixed
Maximum LTV
60%
Initial rate
1.39% fixed for 5 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
2.7% 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
HSBC 5 year fixed
Maximum LTV
60%
Initial rate
1.44% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.8% 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 30 Apr 2027

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
HSBC 5 year fixed for first time buyers
Maximum LTV
60%
Initial rate
1.44% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.8% 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 30 Apr 2027

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
1.44% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.8% 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 30 Apr 2027

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
Remortgage Available
Remortgage Only
Self Employed Accepted
Nationwide 5 year fixed
Maximum LTV
60%
Initial rate
1.44% fixed for 5 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
2.8% 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
Santander 5 year fixed
Maximum LTV
60%
Initial rate
1.44% fixed until 02 Apr 2027
Subsequent rate (SVR)
3.5% 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 Apr 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 end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Barclays 5 year fixed shared equity
Maximum LTV
75%
Initial rate
1.46% fixed until 31 May 2027
Subsequent rate (SVR)
3.74% base rate tracker
Overall cost for comparison
2.9% APRC
This mortgage is available for new builds only on the Help to Buy Equity loan scheme.
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:

- 3.00% of amount paid, before 31 May 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Northern Ireland
Available in Wales
First Time Buyers
Max age at term end70 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
1.47% fixed for 5 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.1% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 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
1.47% fixed for 5 years
Subsequent rate (SVR)
3.74% 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 Accepted
HSBC 5 year fixed
Maximum LTV
70%
Initial rate
1.49% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.8% 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 30 Apr 2027

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
HSBC 5 year fixed for first time buyers
Maximum LTV
70%
Initial rate
1.49% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.8% 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 30 Apr 2027

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
70%
Initial rate
1.49% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.8% 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 30 Apr 2027

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
Remortgage Available
Remortgage Only
Self Employed Accepted
Halifax 5 year fixed
Maximum LTV
60%
Initial rate
1.49% fixed until 31 May 2027
Subsequent rate (SVR)
3.74% 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 31 May 2023

- then 4.00% of amount paid, until 31 May 2024

- then 3.00% of amount paid, until 31 May 2025

- then 2.00% of amount paid, until 31 May 2026

- then 1.00% of amount paid, until 31 May 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
Self Employed Accepted
Halifax 5 year fixed cashback mortgage
Maximum LTV
60%
Initial rate
1.49% fixed until 31 May 2027
Subsequent rate (SVR)
3.74% 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 31 May 2023

- then 4.00% of amount paid, until 31 May 2024

- then 3.00% of amount paid, until 31 May 2025

- then 2.00% of amount paid, until 31 May 2026

- then 1.00% of amount paid, until 31 May 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
Self Employed Accepted
Nationwide 5 year fixed
Maximum LTV
75%
Initial rate
1.49% fixed for 5 years
Subsequent rate (SVR)
3.74% 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:

- 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
1.49% fixed for 5 years
Subsequent rate (SVR)
3.74% 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
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
1.49% fixed for 5 years
Subsequent rate (SVR)
3.74% 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
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Virgin Money 5 year fixed cashback mortgage
Maximum LTV
65%
Initial rate
1.51% fixed until 01 Jun 2027
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.3% 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 Jun 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
Yorkshire Building Society 5 year fixed
Maximum LTV
75%
Initial rate
1.51% fixed until 30 Apr 2027
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion fee£1,495 with an option to add to the loan
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, before 30 Apr 2023

- then 4.00% of amount paid, until 30 Apr 2024

- then 3.00% of amount paid, until 30 Apr 2025

- then 2.50% of amount paid, until 30 Apr 2026

- then 1.50% of amount paid, until 30 Apr 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
Self Employed Accepted
Nationwide 5 year fixed cashback mortgage for first time buyers
Maximum LTV
60%
Initial rate
1.52% fixed for 5 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.0% 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
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
1.52% fixed for 5 years
Subsequent rate (SVR)
3.74% variable
Overall cost for comparison
3.0% 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
First Time Buyers Only
First Time Buyers
Max age at term end75 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Barclays 5 year fixed shared equity
Maximum LTV
55%
Initial rate
1.53% fixed until 31 May 2027
Subsequent rate (SVR)
3.74% base rate tracker
Overall cost for comparison
3.0% APRC
This mortgage is available for new builds only on the Help to Buy Equity loan scheme.
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:

- 3.00% of amount paid, before 31 May 2027

Other fees may apply.

Eligibility
Available Direct
Available in England
First Time Buyers
Max age at term end70 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
First Direct 5 year fixed
0808 296 6568
Maximum LTV
60%
Initial rate
1.54% fixed for 5 years
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.7% APRC
Available via telephone only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking fee£490 paid upfront (non-refundable)
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

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

- 3.00% of the original loan, in the first year

- 2.00% of the original loan, between 12 and 60 months

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
Remortgage Available
Self Employed Accepted
HSBC 5 year fixed
Maximum LTV
75%
Initial rate
1.54% fixed until 30 Apr 2027
Subsequent rate (SVR)
3.54% variable
Overall cost for comparison
2.9% 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 30 Apr 2027

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

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 comparison3.75% APRC representative
Initial rate2.19% fixed for 2 years (24 instalments of £726.81pm)Subsequent rate (SVR)4.02% variable for the remaining 23 years (276 instalments of £888.06pm)
Lender fee£552Total amount payable£263,101.10

What is a five-year fixed-rate mortgage?

A five-year fixed-rate mortgage is a type of home loan where your interest rate remains the same for five years. In other words, your mortgage rate and monthly repayments will not increase during those five years, even if the Bank of England base rate rises.

This can be helpful for those on a tight budget because your monthly mortgage costs are guaranteed to remain the same during those five years. 

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

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

Should you fix your mortgage for five years?

This is ultimately your decision to make, but if you are worried about how much your mortgage could cost you 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. 

What are the advantages of a five-year fixed-rate mortgage?

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

  • Monthly mortgage repayments are fixed for five years, helping you budget accordingly. This is the case even if your bank or building society increases its rates or the Bank of England base rate goes up

  • Having this security can also help you to plan for other expenses such as home improvements

  • You won’t need to remortgage too often, which will reduce how much you spend on new mortgage fees 

What are the disadvantages of a five-year fixed-rate mortgage?

There are also several drawbacks you will need to consider:

  • If interest rates fall after you have taken out the mortgage, you won’t see any benefit and could lose out

  • If you need to move home or you want to switch deals before your five-year offer ends, you may have to pay an early repayment charge to get out of your mortgage early. Early repayment fees can be expensive

  • Interest rates on fixed-rate mortgages are generally higher compared to variable rate deals

  • Fixed-rate mortgages can have higher arrangement fees too

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

What is the lowest five-year fixed mortgage rate?

The average five-year fixed-rate mortgage ranges from 1.25% 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. You may find it’s cheaper to opt for a mortgage deal with a higher interest rate and no fee rather than one with a lower interest rate but a high fee.

How to find the best five-year fixed mortgage

The best five-year fixed mortgage deal for you will depend on how much deposit you have and the fees and interest attached to your mortgage. It’s important to compare providers and offers, to make sure you’re getting the best price possible and you’re choosing a mortgage with which you’re happy.

You can use our comparison tables to see the different offers available from a wide range of lenders. This comparison includes every five-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.

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

Alternatives to a five-year fixed-rate mortgage

A five-year fixed-rate mortgage is worth considering if you want some certainty and security around your monthly mortgage payments.

Alternatively, you might prefer to fix your mortgage for a shorter term, such as two years. You’ll still get the security of a fixed-rate mortgage, but you don’t need to commit for as long. 

Below are some of the alternative options to consider:

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, but you will need to pay mortgage fees 2.5 times more often than with a five-year fixed-rate mortgage.

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 five-year fixed mortgage. However, 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.

Find out more about ten year fixed rate mortgages

Tracker mortgage

If you don’t want to choose a fixed-rate mortgage, you might prefer a variable rate mortgage, such as a tracker. These have an interest rate that tracks another index or interest rate, usually 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 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 and can generally be swapped away from at any time with no early repayment charges. However, they tend to cost more than shorter-term deals.

Discount mortgage

Another alternative to a five-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 1–2%. This amount is called the discount. Again, however, keep in mind that your mortgage rate and monthly repayments can go up and down.

Find out more about discounted mortgages

Five year fixed rate mortgage FAQs

About our mortgage comparison

Last updated: 11 October, 2021

Explore mortgage guides

See more guides

A complete guide to buying a home

A complete guide to buying a home

The process of buying a house can take months, but knowing what to do and where to get help could make it quicker and easier. Here is what to do when you buy a home.

Read More
How much does it cost to buy a home?

How much does it cost to buy a home?

Your home could be the most expensive purchase you ever make. Here is how much you might spend and how to make sure you can afford a mortgage and all of the other costs.

Read More
Leasehold vs freehold

Leasehold vs freehold: Which should you get?

If you’re looking to buy a property in England or Wales, you’ll notice that they’re either listed as leasehold or freehold. But what’s the difference? We’re here to explain the terms, and share what they might mean for you as a property owner.

Read More

Why compare mortgages with money.co.uk?

Comparing mortgages could help you save money. Our award-winning loan comparison service makes sure you get our best interest rates. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators to help you make life's most important decisions and take control of your money.

Proud to be award winning

We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.