A way of protecting your outgoings against changes in the economy, fixed rate mortgages allow you to budget with confidence, safe in the knowledge that you won't suddenly be slapped with a hike in your monthly repayments.

There are many types of fixed rate remortgages available but opting for a 5 year remortgage is popular because of the security it provides over an extended period.

We take a look at how to find the best five year fixed rate remortgage deals and how to decide whether this is the right solution for you.

What to consider when looking at 5 year fixed remortgage deals

The idea of locking in to a deal for as long as possible may sound like an attractive option but you should think carefully before signing on the dotted line.

Although having remortgage 5 year fixed rates does undeniably offer you peace of mind and security, if interest rates tumble you could end up paying over the odds.

You can of course always remortgage again if this is the case but you will probably have to pay a hefty penalty, thus wiping out any financial benefits from making the switch.

The same applies if you want to make a significant overpayment, borrow more to move property, sell your home or if your financial situation changes dramatically.

Many homeowners are willing to take the risk that they may pay more during certain periods in return for the security of having a fixed repayment every month; you need to decide what your own priorities are in order to decide whether a remortgage 5 year fixed package is right for you.

Many of the best fixed rate remortgages that are 5 years or longer deals come with high arrangement fees so you'll need to compare the total cost over the term to find the cheapest options that you're eligible for and consider whether high fees on the lowest 5 year fixed rate remortgage still mean it offers the best value.

Ready to compare 5 year fixed rate remortgages?

If you have decided that getting the best 5 year fixed remortgage deal you can find is the right course of action for you, it's time to whittle down your choices to get the most competitive package.

Before you carry out your 5 year fixed remortgage comparison, you will need to calculate how much equity you have in your home. This information is essential as lenders set interest rates for many mortgage deals based on LTV. The best remortgage rate deals will generally be reserved for homeowners with more equity in their property. However, some lenders will allow you to borrow more; you should be able to find deals with a LTV of up to 90% but the rates quoted will typically be much higher.

You'll also need to think about the type of mortgage you want, whether that's a 5 year fixed offset remortgage, one that allows overpayments, flexibility or porting in case you want to move home; by using an online mortgage comparison table you can narrow down your search criteria to see the type of results you want.

As well as interest rates, don't forget to add on any fees which will be payable. When you remortgage you are likely to have to pay valuation costs and legal fees although some lenders will cover this in return for you making the switch.

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We include every mortgage in the UK you can apply for directly from the lender. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.


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