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Best 5 Year Fixed Rate Mortgage

Home Mortgages 5 Year Fixed Rate

A five-year fixed rate mortgage keeps your interest rate – and your monthly repayments – the same for five years, potentially offering greater certainty and stability. Use the chart below to find the best five-year fixed rate mortgage deals from leading UK lenders.

Moneyfactscompare.co.uk has been comparing mortgages for over 25 years, helping consumers find the most competitive deals on the market.

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Best 5 Year Fixed Rate Mortgages

Best 5 Year Fixed Rate Mortgages

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<p>We found <strong>1265 PRODUCTS </strong>in total, of which <strong>40 have links to providers</strong></p>

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Selecting ‘Provider Links First’ brings all products that you can apply for directly via Moneyfacts to the top of the chart in rate order. Products that do not have an ‘Go To Provider's Site’ button will appear below, again in rate order. Selecting an option from the drop-down will change the chart to list all products in order depending on the option you have selected, with the best rate being at the top. Products that have ‘Go To Provider's Site’ links will still be in the list but in rate position. Selecting ‘Favourites First’ will bring your chosen products to the top of the chart in rate order with those with Provider Links shown first.

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Mortgage Advice Bureau offers fee free mortgage advice for Moneyfacts visitors that call on 0808 149 9177 or email moneyfacts@mab.org.uk. If you contact Mortgage Advice Bureau outside of these channels you may incur a fee of up to 1%.

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Disclaimer

Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.

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What is a five-year fixed rate mortgage?

Unlike a variable mortgage where lenders can change the price at any point, a five-year fixed rate mortgage holds its interest rate for the first five years, keeping your monthly repayments the same for longer.

When this term comes to an end, your lender will typically move you to its Standard Variable Rate (SVR), which is usually much more expensive, making it important to consider finding a remortgage deal to prevent payments from ballooning.

 

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Don’t forget remortgaging can also be expensive, so make sure to compare the cost of your lender’s SVR versus the costs of finding a new deal. Alternatively, it’s also worth contacting your lender before your term ends to discuss what other options are available, as some may be able to move you to a more favourable variable rate.

 

Should I fix my mortgage for five years?

If you’re debating on how long to fix your mortgage for, it can be useful to consider the following:

  • Stable monthly payments – As with any fixed rate mortgage, your monthly payments will remain the same for the duration of the term.
  • Protection for longer from rate hikes – Should interest rates spike, having a five-year fixed rate mortgage could be beneficial as you’ll be protected from higher prices for longer.
  • Peace of mind – If you’re unsure on how rates could change over the next few years or just want to avoid the hassle of remortgaging for longer, then a five-year mortgage could provide greater peace of mind compared to, say, a two- or three-year term.
  • Less flexibility – A longer term can quickly become a burden if prices start to fall during your fix and could leave you stuck paying higher prices. It’s a similar story should you decide to move home during the term, as you’ll either have to port your mortgage, or risk paying an Early Repayment Charge (ERC).

 

Who is a five year fixed rate mortgage best for?

Simply put, a five-year fixed rate mortgage is usually best suited to borrowers who are happy to commit to a longer term, accepting both the potential positives and negatives for doing so (see above).

Many borrowers will choose to lock in their rate for the stability of having fixed monthly payments, however, the choice of how long to fix for will largely be driven by your own personal circumstances and how you think prices will change in the coming years.

 

Live five-year fixed rate mortgage rate comparison

Our in-house data team regularly reviews the chart above to ensure you always see the most up to date 5 year fixed mortgage rates UK lenders currently have available. By using our ‘Rate’ filter, our chart can be ordered to help you compare the cheapest-priced deals.

If you want to see how up to date our chart is by, check the top right-hand corner above the listings to see when the data was last updated.

 

Latest five-year fixed rate mortgage trends

Traditionally, longer-term deals charged more than their shorter term counterparts to reflect the risk to lenders of loaning money for longer, however, in the aftermath of the 2022 ‘mini-Budget’ this trend was inverted.

More recently, five-year mortgage rates have been gradually coming down following the two cuts to the Bank of England base rate in 2025 and could continue falling considering the UK’s central interest rate is expected to lower further before the end of the year.

However, these prices are seemingly dropping at a slower rate when compared with two-year counterparts. With the gap between the sectors drawing closer the market is now on the tipping point of returning to pre-2022 levels.

Pros and cons of five year fixed rate mortgage

  • You won't need to worry about rising rates affecting your mortgage repayments for the next five years, giving you more flexibility for budgeting your monthly expenses.
  • With a longer-term fixed rate, you also won't have to search for a new mortgage deal as often or pay the fees that may come with this.
  • Five-year fixed mortgages tend to have higher interest rates than those with a two or three-year fixed term or a variable rate, though this has been changing in recent months so make sure to compare the latest prices.
  • A longer-term mortgage means you're also tied in for longer, so if you want to repay your mortgage early, or remortgage during the five to 10-year fixed rate period, you may have to pay an early repayment charge.
  • If interest rates fall significantly over the next five years, you could be stuck with higher payments.

 

Should I speak to a mortgage broker?

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.

 

Advantages of using a mortgage broker for a five-year fixed rate mortgage

If you’re unsure of what 5-year fixed deal to choose or are just unsure of how the mortgage application process works, having a mortgage broker can be invaluable for their offer of personalised advice and step by step guidance. This can be especially helpful for first-time buyers or borrowers with complicated cases who might need to follow a different application process, such as those who are self-employed or who have irregular income.

Those looking for a deal will already have an idea of what they can afford on their monthly repayments but often overlook the additional expenses that together form the true cost of a mortgage. A broker can not only help you understand what the actual cost of a deal will be but can work to your requirements to present a tailored choice of deals you can comfortably repay.

Be aware that brokers do charge a fee of their own which will need to be factored into your budget, so it can be worth checking the cost of the service before proceeding. Also keep in mind that some brokers work on behalf of mortgage lenders, which could mean they offer a more limited range of deals compared to independent firms.

 

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Find the best deal for your situation

Whether you’re moving home, remortgaging or a first-time buyer, our mortgage charts can help you compare the latest five-year fixed rates.

Leaning towards a shorter fixed term? Why not check out the latest two- or three-year prices available on the market.

Five-year fixed rate mortgages FAQs

Can I leave a 5-year fixed mortgage early?

Yes, you can leave a 5-year term early but be aware this will likely incur an Early Repayment Charge (ERC), which can often be a hefty fee. This being said, if you plan to remortgage, for example, it still may be worth considering your options in the final months of your 5-year term, to give you time to find a competitive deal.

What happens when my 5-year fixed term ends?

When coming to the end of your 5-year term, a lender will automatically move you over to its Standard Variable Rate (SVR), which tends to be much costlier and could increase your monthly repayments. To avoid this, many borrowers seek to find a new fixed deal by remortgaging.

Is a 5-year fix better than a 2-year fix?

This depends. While a 5-year mortgage will protect you from rising interest rates for longer compared to a 2-year deal, the added flexibility of locking into a shorter term could prove more beneficial should prices fall instead. If you’re stuck between the two, you could instead compromise with a 3-year deal.

Do all 5-year fixed rate mortgages come with fees?

No. While most fixed mortgages, including fixed rate 5-year products, do charge an additional cost for reserving, booking or arranging the deal, there are a few options that come with no added product fees. As such, when searching for the best 5 year fixed rate mortgage, no fee deals are definitely worth considering to help you save on upfront costs, however, it’s important to factor in the rest of the mortgage when making your decision.

Can I overpay on a 5-year fixed mortgage?

Yes, however, it’s worth checking with your lender first to find out how much you can overpay your mortgage by each year without having to pay an Early Repayment Charge (ERC). As long as you don’t exceed your lender’s annual allowance, you should be able to make overpayments either as a lump sum or by raising your monthly repayments.

What happens to my 5-year fixed mortgage if I move house before the term ends?

If your lender allows it, the best way to move home before the end of your 5-year term could be to port your mortgage to the new property. While this avoids paying any of the fees of taking out a new deal as well as Early Repayment Charges (ERC), note you’ll still need to be reassessed and approved by your lender.

However, as not every mortgage can be ported, your only other option in this case is to pay off the fixed deal before moving, which will almost certainly involve paying an ERC.

Will I automatically be switched to the best deal when my 5-year fixed rate ends?

It’s unlikely. As mentioned above, a lender will usually move you to its Standard Variable Rate (SVR), which is often a lot higher than the fixed price you were previously paying. To avoid seeing your monthly payments climb sharply, it’s therefore worth trying to remortgage.

Can I get a 5-year fixed mortgage if I’m self-employed or have irregular income?

Yes, but you may find it more challenging to get accepted. Since it can be harder to demonstrate the stability of your income, lenders tend to be stricter with their criteria when deciding if you can afford the mortgage. This criteria varies from lender to lender, so speaking to a mortgage broker can help you find a deal based on your individual situation.

Do 5-year fixed rate mortgages affect my credit score?

Yes, applying for any sort of mortgage involves a lender performing a hard check on your finances, which will show up on your credit report and therefore affect your score – at least temporarily. However, making your mortgage payments on time can then help build your score over time.

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