Best 5-year fixed rate mortgages
Find a 5-year fixed-rate mortgage rate
What is a 5 year fixed-rate mortgage?
A 5-year fixed-rate mortgage locks in your interest rate and monthly repayments for 5 years, regardless of what happens to the Bank of England base rate. If rates rise, you're protected. If they fall, you won't benefit, but you'll have the certainty of knowing exactly what you'll pay each month.
It's one of the most popular mortgage types in the UK, especially for first-time buyers and anyone who wants to budget without surprises. A whole-of-market broker like our partner Mojo Mortgages searches 60+ lenders to find you the most competitive deal, often beating what you'd get going direct.
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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.
Are 5-year fixed mortgage rates good right now?
The Bank of England base rate currently sits at 4.25% (as of May 2026). Most analysts expect it to fall gradually through 2026, which means mortgage rates could ease slightly, but significant drops aren't guaranteed.
Fixing for 5 years now means you lock in today's rate and ride out any short-term uncertainty. If rates fall, you won't benefit until you remortgage at the end of your term. If they rise or stay flat, you've secured a competitive deal.
For most buyers who want predictable payments and don't plan to move in the next 5 years, fixing now is worth serious consideration.
5-year fixed rates by deposit size
The rate you're offered depends heavily on your loan to value (LTV) ratio, that's how much you're borrowing compared to the property's value. The more deposit you put down, the lower your LTV and the better the rate you'll typically get.
| Deposit | LTV | What to expect |
|---|---|---|
| 40%+ | 60% LTV | Best rates on the market, typically the most competitive 5-year deals |
| 25% | 75% LTV | Strong rates, widely available from major lenders |
| 15% | 85% LTV | Good rates available, slightly higher than 75% LTV tier |
| 10% | 90% LTV | Higher rates; fewer lenders - still competitive if your credit is good |
| 5% | 95% LTV | Most expensive tier; limited lenders |
Use our mortgage calculator to see how your deposit size affects your monthly repayments.
Or speak to our mortgage broker partner, Mojo, to see what rates you could get based on your circumstances.
Advantages and disadvantages of a 5-year fixed-rate mortgage
Advantages
Disadvantages
Alternatives to a 5 year fixed mortgage rate
2-year fixed-rate mortgage
10-year fixed-rate mortgage
Tracker mortgage
Discount mortgage
Offset mortgage
2-year vs 5-year fixed: which is right for you?
Choosing between a 2-year and 5-year fix is one of the most common mortgage decisions, and there's no single right answer. It depends on your plans and appetite for uncertainty.
| 2-year fix | 5-year fix | |
|---|---|---|
| Rate | Often slightly lower initially | Usually a little higher to start |
| Certainty | Fixed for 2 years | Fixed for 5 years |
| Flexibility | Remortgage sooner - good if plans may change | Locked in longer - early repayment charges if you exit early |
| Fees | Potentially pay remortgage fees more often | Fewer remortgage cycles, lower long-term fee cost |
| Best for | Those expecting rates to fall, or who may move soon | Those wanting stability and budgeting certainty |
Not sure which is right for you? A mortgage broker can run through both options based on your specific situation and help you decide.
5 year fixed-rate mortgage FAQs
What is the average five-year fixed-rate mortgage today?
Average 5-year fixed mortgage rates in the UK currently sit at around 4.85% (as of 29th May 2025) across all LTV tiers from the Big 6 Lenders. However, the rate you get will depend on your financial circumstances and the size of your deposit.
The best deals, available to borrowers with a 25-40% deposit, are significantly lower. Rates change frequently, so it's worth comparing current deals to see what's available to you based on your deposit and circumstances.
What is a good 5-year fixed rate?
What counts as a 'good' rate depends on your deposit. As a general guide:
40%+ deposit (60% LTV): the most competitive deals on the market
25% deposit (75% LTV): strong rates, widely available
10% deposit (90% LTV): higher rates, but still competitive with a good credit history
Always compare the total cost of a deal, including any arrangement fees, not just the headline rate. A lower rate with a high fee can cost more overall than a slightly higher rate with no fee.
Is it a good time to fix mortgage rates?
With the Bank of England base rate at 4.25% and gradual cuts expected through 2026, fixing for 5 years gives you certainty without waiting for big rate falls that may not materialise quickly.
If rates do fall faster than expected, you won't benefit until your fix ends, but you'll have the security of knowing your payments won't rise either. For buyers who want predictable repayments and aren't planning to move, fixing now is worth serious consideration.
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?
When your deal ends, your lender will automatically move you onto their standard variable rate (SVR), which is usually much higher than your fixed rate. Most people remortgagebefore this happens to lock in a new deal.
You can usually start looking for a new deal 3-6 months before your fix ends, and many lenders let you secure a rate in advance. It's worth setting a reminder well ahead of your end date so you don't end up on the SVR by accident.
Can I get a 5-year fix as a first-time buyer?
Yes, 5-year fixed rate mortgages are one of the most popular options for first-time buyers, precisely because they offer predictable payments during a period when many buyers are stretching their budget.
As a first-time buyer you'll have access to the same range of lenders as anyone else.
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