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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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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 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 variable 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

Traditionally, longer-term mortgages charged more than their shorter-term counterparts to reflect the risk to lenders of loaning money for longer. However, in the aftermath of the ‘mini-Budget’ in September 2022, this trend was inverted so two-year deals were more expensive than five-year deals for almost three years.

The gap between these fixed terms gradually narrowed and, from 7 August 2025 onwards, the average two-year fixed mortgage rate has sat below the average five-year fixed mortgage rate, according to Moneyfacts data.

While mortgage rates continue on an overall downwards trend, the uncertainty over the possibility of any further cuts to the Bank of England base rate this year has slowed down the pace of any rate drops. Indeed, some lenders have been raising their fixed mortgage rates.

On 23 August 2025, the average five-year fixed mortgage rate dipped below 5% for the first time since May 2023, according to Moneyfacts data. However, over the past weeks this average rate has crept above 5% again.

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.
  • 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). Find out some tips on how to improve your credit score.
  • Comparing rates. 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. A mortgage broker can help you work out which five-year mortgage offers the best value and is most suitable for your situation.

 

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.

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. 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 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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