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5 year fixed rate mortgages

Tell us about yourself and use an expert comparison call with our broker partner Mojo to find your best 5-year fixed-rate mortgage deal

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How to find the best five-year fixed-rate mortgage

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Compare 5 year fixed rate mortgages from 70+ lenders across the whole of market

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Halifax 2
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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.

The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

Last updated
April 12th, 2024
Child running through the front door of new home ahead of his family

What is a five-year fixed-rate mortgage?

A five-year fixed-rate mortgage has a mortgage interest rate that stays the same for five years. This means there are no increases in your repayments for five years - making it much easier to budget.

It's also possible to get different lengths of fixed-rate mortgage to suit your needs. The alternative to fixed-rate mortgages are variable-rate deals, such as tracker or discount mortgages. With these products, the rates can go up or down, either directly in line with the Bank of England base rate or in response to market changes.

Best five-year fixed mortgage rates

This table shows some of our partner Mojo's best five-year fixed-rate deals currently available, based on the initial rate and some different loan-to-value (LTV) ratios. LTV is the amount you borrow compared to the property value.

The initial rate you only pay during the introductory deal period - so for a five-year fixed-rate mortgage, five years.

The Annual Percentage Rate of Change (APRC) is included after the initial mortgage rate for each deal. APRC takes fees and the SVR (Standard variable rate) into account, as you're automatically moved onto this when the introductory period ends.

This means it can help to compare mortgage deals more holistically, but is unable to consider what you'll pay overall if you remortgage at the end of the introductory deal - which most borrowers to to avoid the SVR due to the higher cost.

LTVCurrent 5-year fixed mortgage rates
90%

Clydesdale Bank

Initial rate: 4.64% | APRC: 7.6%

Repayment mortgage of £270,000.00 over 25 years, representative APRC 7.6%. Repayments: 63 months of £1,522.28 at 4.64% (fixed), then 237 months of £2,207.26 at 9.49% (variable). Total amount payable £619,024.26. Early repayment charges apply until 5 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1823.

80%

NatWest

Initial rate: 4.47% | APRC: 6.9%

Repayment mortgage of £240,000.00 over 25 years, representative APRC 6.9%. Repayments: 64 months of £1,329.91 at 4.47% (fixed), then 236 months of £1,787.67 at 8.24% (variable). Total amount payable £507,004.36. Early repayment charges apply until 31-Aug-2029. Arrangement, mortgage discharge, valuation and CHAPS fees total £1525.

70%

Halifax

Initial rate: 4.36% | APRC: 7.1%

Repayment mortgage of £210,000.00 over 25 years, representative APRC 7.1%. Repayments: 62 months of £1,150.62 at 4.36% (fixed), then 238 months of £1,621.94 at 8.74% (variable). Total amount payable £457,360.16. Early repayment charges apply until 30-Jun-2029. Arrangement, mortgage discharge, valuation and CHAPS fees total £1099. Legal fees £161.27.

60%

NatWest

Initial rate: 4.19% | APRC: 6.7%

Repayment mortgage of £180,000.00 over 25 years, representative APRC 6.7%. Repayments: 64 months of £969.09 at 4.19% (fixed), then 236 months of £1,333.91 at 8.24% (variable). Total amount payable £376,824.52. Early repayment charges apply until 31-Aug-2029. Arrangement, mortgage discharge, valuation and CHAPS fees total £1025.

Date Updated 23 April 2024

The above rates are provided by Mojo Mortgages and updated every 12 hours. THEY MAY NOT BE AVAILABLE WHEN YOU'RE READY TO SUBMIT AN APPLICATION.

Take a look at the current average mortgage rates in the UK.

Should I fix my mortgage for five years?

Choosing a five-year fixed-rate mortgage means not having to worry about rising mortgage interest rates pushing up your monthly repayments during the five year term of the deal. It could therefore suit those wanting the peace of mind of knowing how much their repayments will be in the mid-term.

On the flip side, however, interest rates can be higher than with shorter fixed-rate mortgage deals, although this is not always the case, as demonstrated in the mortgage rates table earlier in the article. You also won’t benefit throughout the five year period if rates fall, unless you pay ERCs (early repayment charges) to leave the deal early.

When comparing deals to find the cheapest five-year fixed-rate mortgages, make sure you factor in mortgage set-up fees as well as the interest rate. You can do this by looking at the total cost over the deal period.

What happens when the five-year fixed period is over?

When your five-year fixed-rate mortgage deal ends, the fixed-rate will no longer apply and you will be transferred onto your mortgage lender’s standard variable-rate (SVR). Lender SVRs are generally higher than all of the other mortgage rates they have available.

It’s a good idea to start looking at remortgage deals about six months before your existing fixed-rate deal ends if you want to avoid falling onto the SVR. You can lock in the best five year fixed rate mortgage available at the time and still reassess it before your existing deal ends.

You're not bound to a new mortgage deal until your existing deal actually ends, so locking a rate in early doesn't mean you'll risk losing out to cheaper rates later on.

Woman with packing boxes

Do I need a larger deposit for a five-year fixed-rate mortgage?

No, not at all. The type of mortgage rate you opt for has no bearing on the size of deposit needed. Nevertheless, the best five-year fixed-rate mortgages are going to be available to those borrowers putting down the largest deposits.

If you’re moving home or remortgaging, the equity in your current home will count towards the deposit for your new mortgage - but you can also choose to add to this with a cash deposit.

How does the loan-to-value impact your fixed interest rate?

loan-to-value (LTV) is how much you need to borrow compared to the value of the property, so determines the size of your deposit. It impacts the interest rate lenders can offer you, no matter whether you opt for fixed or variable rate mortgage.

The reason you're offered more competitive rates with a larger deposit is that borrowing at a lower LTV is less risky for the lender. The best five-year fixed mortgage rates are therefore generally offered on LTVs of 60% or less ( so 40% deposit). At the other end of the scale, 95% mortgages (so 5 deposit) tend to come with the highest rates.

How much will a five-year fixed-rate mortgage cost?

With a five-year fixed-rate mortgage, you know the rate will remain the same for five years so your repayments won't increase over that duration. To look at the current five year fixed mortgage rates, check out our average mortgage rates on the main mortgages page today.

However, in addition to the rate, it's also important to look at other fees involved, as sometimes deals may have a lower mortgage interest rate, but the fees mean it's more expensive overall than another options.

If you think there's a chance you may need to break out of the deal before it ends, make sure to also find out the early repayment charges (ERCs). These can amount to thousands of pounds so it's worth being aware of what they are before applying for a remortgage deal.

Advantages of a five-year fixed-rate mortgage

  • Fixing your rate for five years means you’ll know your monthly repayments won't go up during this period. As long as your financial situation doesn’t change for the worse, you should find yourself able to pay your mortgage comfortably

  • Five-year fixed-rate mortgages may be cheaper than longer-term fixes and give you the option to switch to another mortgage sooner, without paying early repayment charges (ERCs)


Disadvantages of five-year fixed-rate mortgages

  • Fixed-rate mortgages that last for five years sometimes come with higher interest rates than shorter-term fixed mortgage deals, and are generally more expensive at the outset than variable-rate deals, such as trackers and discount rates 

  • If interest rates go down during the five years of your fixed-rate mortgage deal, you could end up paying over the odds because your interest rate stays the same. You’ll also usually face hefty ERCs if you need to sell up or want to switch to a cheaper deal before it ends

Alternatives to five-year fixed-rate mortgages

Two-year fixed-rate

With a two-year fixed-rate mortgage, your rate stays the same for two years - so your repayments won't rise during that time. The latest mortgage interest rates may be (but are not always) lower than a five-year fixed-rate, but offer a relatively short period of certainty.


10-year fixed-rate

If you want the peace of mind of knowing how much your repayments will be for as long as possible, a 10-year fixed-rate mortgage could be the right choice for you. Your initial rate will likely be higher than those available on 5-year fixed deals (although this is not always the case), but if mortgage interest rates go up in five years’ time, your repayments won’t.

The downsides are that you won’t benefit if rates drop and that you’ll have to wait 10 years before you can switch to a new mortgage deal without paying ERCs.


Tracker mortgage

Tracker mortgages are variable-rate mortgages that track an external rate outside of the lenders' control – usually the Bank of England base rate – meaning they move up or down in line with it. 

Say, for example, your mortgage rate is the base rate +1%

  • If the base rate is 2.25%* you will pay 3.25%

  • If the base rate increases to 5%* you will pay 6% 

*for example purposes only, the current UK base rate is 5.25%

Discount mortgage

Discount mortgages are variable-rate mortgages, so your rate can go up or down during the initial deal period. Rather than tracking the Bank of England base rate, they offer a discount against the lender’s standard variable rate (SVR) for the period of the deal – meaning your mortgage rate will go up or down whenever that does.

As with both fixed-rate and tracker mortgages, you’ll usually pay ERCs to pay off your loan or switch to a different mortgage deal during the initial period, which could be two or five years.

Kellie Steedquotation mark
Five-year fixed-rate mortgage deals can be a good option if you want the security of knowing your monthly payments will remain the same for a long period of time. However, you won't benefit from a decrease in payments if rates decrease in the next five years.
Kellie Steed, Mortgage Content Writer

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Five-year fixed-rate mortgage FAQs

Are there five-year fixed-rate buy-to-let mortgages?

Yes. You can get a five-year fixed mortgage to buy or remortgage a property you’re letting to tenants.

Buy-to-let mortgages are usually taken out on an interest-only basis. Lenders will decide how much they will lend you based on the rent you expect to get for the property.

Can I get a five-year fixed-rate mortgage if I’m self employed?

Yes, your employment type shouldn't make any difference when it comes to any particular type of mortgage interest rate or length of deal. It can be more complex generally to get a self-employed mortgage, but there are plenty of options available.

Do I need a good credit score for a fixed-rate mortgage?

A good credit score will be helpful in getting any mortgage deal, although there are special lenders that deal with bad credit mortgages for those with a less favourable credit rating. 

Bad credit mortgages generally have at a higher interest rate, but in other ways are the same as a standard mortgage, so they are available as both fixed or variable rate.

Can I overpay on a fixed-rate mortgage?

Yes, most five-year fixed-rate mortgage lenders let you overpay by up to 10% a year during the deal period without paying ERCs (early repayment charges).

This can help you pay off your mortgage earlier and reduce the amount of interest you pay overall.

Can I pay off a fixed-rate mortgage before it ends

Theoretically you could pay off any mortgage before the end of the term, but the vast majority of deals, fixed-rate deals included, will charge ERCs (early repayment charges) to do so.

Can my 5 year fixed mortgage rate go up if the Bank of England base rates change?

No, not until the mortgage deal has ended. The whole point of the fixed-rate is that it can’t change, so for five years, you won’t see any rise in the interest rates you pay, regardless of what happens to the Bank of England base rate, or in the wider market.

About the author

Kellie Steed
Kellie has a wealth of content writing experience, however, in 2020 took a vested interest in the mortgage industry, and chose to specialise in this area exclusively. Her personal goal is to author the most comprehensive and helpful online guide available for each mortgage type, as well as every customer need, no matter how niche.

YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.

The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.