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Best 5 Year Fixed Rate Mortgage

Home Mortgages 5 year fixed rate

If you’re looking for more certainty and stability from your mortgage, a five-year fixed rate deal may be worth considering as it keeps your interest rate – and your monthly repayments – the same for five years.

Moneyfactscompare.co.uk is an established comparison site that has helped consumers find the most competitive deals on the market for 25 years. Use our chart below to discover today’s lowest rates and compare the best five-year fixed rate mortgage deals from leading UK lenders.

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Best 5 Year Fixed Rate Mortgages

Best 5 Year Fixed Rate Mortgages

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What is a five-year fixed rate mortgage and how does it work?

A five-year fixed rate mortgage is a type of mortgage deal where the interest rate and your monthly repayments are guaranteed to stay the same for the next five years of your mortgage term.

Because the interest rate won’t change during this period, five-year mortgages can give borrowers peace of mind that their payments won’t rise, regardless of any changes in the economy and wider market.

Throughout the five-year term, borrowers will need to make the required monthly payments. These payments will pay off part of the amount borrowed on the mortgage and the interest charged.

When the five-year term comes to an end, lenders will typically move you to their Standard Variable Rate (SVR), which is usually much more expensive. As a result, it’s often a good idea to consider remortgaging to a new fixed deal.

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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 rate.

Should I fix my mortgage for five years?

It’s completely up to you and your individual situation as to whether a five-year fixed mortgage deal is right for you. When making your decision, it’s 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?

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.

The top right-hand corner of our chart (above the listings) tells you when the data was last updated.

Latest five-year fixed rate mortgage trends

In the latter months of 2025, mortgage lenders slashed rates in anticipation of a cut to the Bank of England base rate on 18 December 2025, with some news outlets dubbing it a “rate war”.

As a result of these cuts, the average five-year fixed mortgage rate plummeted by 0.10 percentage points in the month leading up to the start of December to reach 4.91%, its lowest level since September 2022.

While this is good news for prospective borrowers, it’s worth bearing in mind that those coming to the end of a five-year fix are likely to find interest rates are higher than on their existing deal. Indeed, five years ago, at the start of December 2020, the average five-year fixed mortgage rate stood at 2.69%, significantly lower than rates today.

Because there is a notable proportion of households still benefiting from relatively cheap deals, in its December Financial Stability Report, the Bank of England estimated that 43% of mortgage accounts (3.9 million households) would refinance onto higher rates and face higher monthly payments over the next three years.

Pros and cons of five-year fixed rate mortgage

  • You have peace of mind that your payments won’t change for the next five years, which can make it easier to budget and manage your finances.
  • You won't need to worry about the possibility of rising rates affecting your mortgage repayments for the next five years.
  • 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 may not always be the case so make sure to compare the latest prices.
  • A longer-term mortgage means you're tied in for longer, so if you want to repay your mortgage early, or remortgage during the five-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.

How to find the cheapest five-year mortgage

The interest rate that lenders charge will depend on your individual situation. Some of the ways you may be able to improve your chances of getting a cheaper five-year fixed mortgage rate include:

Putting down a bigger deposit (or owning more equity)

Mortgages with a loan-to-value (LTV) of 60% (which means you only borrow up to 60% of your property’s value) normally have lower interest rates than deals with a higher LTV. This is because they are seen as less risky for the lender.

For example, the below table shows how average five-year fixed rates on higher LTV mortgages are typically more expensive than lower LTV products.

 

Maximum loan-to-value (LTV) Average five-year fixed rate
60% 4.57%
75% 4.90%
90% 5.07%
95% 5.33%

According to Moneyfacts data, as of 1 December 2025.

 

As a result, if you’re close to an LTV threshold, it may be worth seeing if you can increase your deposit or equity to move into a lower LTV band, as this could help you access lower rates.

Improving your credit score

Lenders are likely to feel more confident that you will make your mortgage payments if you have a better credit history (and if you have a stable income, for example).

You may be able to boost your credit report and improve your chances of accessing a more competitive mortgage deal, by paying all your bills and existing credit commitments on time, not using too much of your available credit (i.e. not maxing out your credit cards) and minimising the number of times you apply for credit. Ideally, you should aim to avoid applying for credit in the six months leading up to a mortgage application.

Find out some more tips on how to improve your credit score.

Comparing rates and deals

Whether you’re getting a mortgage for your first home or remortgaging, it’s important to compare interest rates from a range of lenders to find the best deals available. Don’t assume that your existing lender will offer the best rate.

But, even though the interest rate is crucial, it’s also important to consider that the five-year fix with the lowest rate may not necessarily be the best option for you or offer the best overall value.

A mortgage broker can help you work out which five-year mortgage provides the best value and is most suitable for your individual circumstances.

Best no-fee five-year mortgages

There are several five-year fixed mortgages that don’t charge any product or arrangement fees. While these deals don’t typically offer the lowest interest rates, they may appeal to borrowers who want to avoid paying an additional fee and could offer better overall value than a deal with a cheaper rate and a product fee.

The best five-year mortgage without a product fee will depend on your individual situation, including how much you need to borrow, and your preferences. Visit our chart above and look at the “Product Fees” column to find five-year mortgages that don’t charge a product fee.

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 what five-year fixed deal to choose or want more support during the mortgage application process, mortgage brokers can offer 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.

Applying for a five-year mortgage

Before applying for a five-year mortgage, it’s a good idea to get your finances in order and use a mortgage repayment calculator to see how much you could afford to borrow.

Next, it’s worth getting an agreement in principle so you can see how much you could potentially borrow from a lender, taking into consideration your income, expenditure and overall financial situation. This won’t normally affect your credit score, but it’s important to bear in mind that it isn’t a guarantee that you will be approved for a mortgage.

When you’re ready, you can apply for a five-year mortgage from a lender directly or via a mortgage broker. It may be useful to speak to a mortgage broker as they will be able to discuss your situation and look at deals from a range of lenders to help you find the right option for your requirements.

To apply for a mortgage, you will need to provide a range of information and documents, including:

  • Your name, address and other personal details. You will usually need to provide documents to act as proof of identity (such as a passport or driving licence) and proof of address (such as a utility bill).
  • Your income. The lender will usually ask for payslips to act as proof of income or an SA302 tax form for self-employed applicants, for example. See our guide on the income you can use for a mortgage application.
  • Your regular expenditure, including bills, living costs and existing debts. You may need to provide recent bank statements to support this information.
  • Evidence of where your deposit is from (if applicable).

Depending on your situation, you may need to provide more documents to support your application.

The lender will review this information and check your credit history (which involves a hard credit check) to decide whether to approve your application. They will also conduct their own valuation on the property the mortgage will be secured against.

It could take several weeks to find out if your application is approved and receive a formal mortgage offer from a lender.

Five-year fixed rate mortgages FAQs

Can I leave a five-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 five-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 on your circumstances and preferences. Five-year mortgages typically charge higher rates than two-year fixes, but they can also protect borrowers from rising interest rates for longer. However, some borrowers may prefer the flexibility of locking into a shorter term, and a two-year fix could prove more beneficial should prices fall instead. If you’re stuck between the two, you could instead compromise with a three-year deal.

Speak to a mortgage broker for professional advice if you need help deciding what type of deal to choose.

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

No. While many fixed mortgages, including fixed rate five-year products, charge a product or arrangement fee when taking out a deal, there are a few options that come with no added product fees. However, mortgages may come with other charges, such as valuation and legal fees, so always double check with the lender to find out what fees may apply.

Even though fee-free deals may be appealing, it’s important to consider the overall cost of the mortgage (including the interest rate and any incentives) to determine whether it’s a suitable option for you.

Can I overpay on a five-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 five-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 five-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 five-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 five-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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Rhiannon Philps

 Content Writer

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