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5 Year Fixed Rate Mortgages

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 1.83%
Rate type: Fixed Feb-2023
Monthly cost: £419.76 per month
Max LTV: 60%
Product fee: £1273.00
Overall cost for comparison: 3.2% APRC
NatWest logo 1.83% Fixed Feb-2023 3.2% APRC 60% £1273.00 £250 cashback £419.76 per month get quotes Call direct0800 158 2934 More details
Initial rate: 1.83%
Rate type: Fixed Feb-2023
Monthly cost: £419.89 per month
Max LTV: 60%
Product fee: £1273.00
Overall cost for comparison: 3.2% APRC
Royal Bank Of Scotland logo 1.83% Fixed Feb-2023 3.2% APRC 60% £1273.00 £250 cashback £419.89 per month get quotes Call direct0800 096 7447 More details
Initial rate: 1.83%
Rate type: Fixed Feb-2023
Monthly cost: £419.89 per month
Max LTV: 60%
Product fee: £1273.00
Overall cost for comparison: 3.2% APRC
Royal Bank Of Scotland logo 1.83% Fixed Feb-2023 3.2% APRC 60% £1273.00 £250 cashback £419.89 per month get quotes Call direct0800 096 7447 More details
Initial rate: 1.83%
Rate type: Fixed Feb-2023
Monthly cost: £419.76 per month
Max LTV: 60%
Product fee: £1273.00
Overall cost for comparison: 3.6% APRC
NatWest logo 1.83% Fixed Feb-2023 3.6% APRC 60% £1273.00 £350 cashback £419.76 per month get quotes Call direct0800 158 2934 More details
Initial rate: 1.83%
Rate type: Fixed Feb-2023
Monthly cost: £419.76 per month
Max LTV: 60%
Product fee: £1273.00
Overall cost for comparison: 3.2% APRC
NatWest logo 1.83% Fixed Feb-2023 3.2% APRC 60% £1273.00 £250 cashback £419.76 per month get quotes Call direct0800 158 2934 More details
Initial rate: 2.05%
Rate type: Fixed Feb-2023
Monthly cost: £430.53 per month
Max LTV: 70%
Product fee: £1273.00
Overall cost for comparison: 3.2% APRC
NatWest logo 2.05% Fixed Feb-2023 3.2% APRC 70% £1273.00 £500 cashback £430.53 per month get quotes Call direct0800 158 2934 More details
Initial rate: 2.19%
Rate type: Fixed Feb-2023
Monthly cost: £433.17 per month
Max LTV: 60%
Product fee: £278.00
Overall cost for comparison: 3.2% APRC
NatWest logo 2.19% Fixed Feb-2023 3.2% APRC 60% £278.00 £500 cashback £433.17 per month get quotes Call direct0800 158 2934 More details
Initial rate: 2.5%
Rate type: Fixed Feb-2023
Monthly cost: £448.62 per month
Max LTV: 80%
Product fee: £278.00
Overall cost for comparison: 3.3% APRC
NatWest logo 2.5% Fixed Feb-2023 3.3% APRC 80% £278.00 £750 cashback £448.62 per month get quotes Call direct0800 158 2934 More details
Initial rate: 2.84%
Rate type: Fixed Feb-2023
Monthly cost: £470.57 per month
Max LTV: 90%
Product fee: £1273.00
Overall cost for comparison: 3.5% APRC
NatWest logo 2.84% Fixed Feb-2023 3.5% APRC 90% £1273.00 £470.57 per month get quotes Call direct0800 158 2934 More details
Initial rate: 2.91%
Rate type: Fixed Feb-2023
Monthly cost: £474.22 per month
Max LTV: 90%
Product fee: £1273.00
Overall cost for comparison: 3.6% APRC
NatWest logo 2.91% Fixed Feb-2023 3.6% APRC 90% £1273.00 £474.22 per month get quotes Call direct0800 158 2934 More details
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

5 Year Fixed Rate Mortgages

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To investigate your mortgage options contact our mortgage team.

5 year fixed rate mortgages

A 5 year fixed rate mortgage has an interest rate that is set at a defined level for a 5 year term. This gives you the security of knowing exactly how much you’ll have to repay on your mortgage each month, for the duration of the secure your rate to give you fixed monthly repayments.

When the 5 year discounted period ends, make sure you can afford any increase in monthly repayments that may kick in as your mortgage switches to your lender’s Standard Variable Rate (SVR).

Advantages of fixed rate mortgages

There are several reasons why you might consider choosing a fixed rate mortgage. These include:

Security - A 5 year fixed-rate gives you peace of mind because you know exactly how much you'll pay for your monthly mortgage repayments. You know that, during the initial 5 year fixed period, your monthly mortgage repayments won't rise, even if the Bank of England Base Rate does.

Budgeting is straightforward – Knowing that your repayments are fixed for a 5 year term can be useful when it comes to planning your finances. You can budget for other household costs more easily, without the worry that your mortgage repayments will suddenly skyrocket.

Easy to understand – If you are new to home ownership, a fixed-rate mortgage is an easy concept to understand as it is based on a stable monthly repayment, like a standard bank loan of the type you may have taken out previously.

Disadvantages of fixed rate mortgages

A fixed rate mortgage may not always be the best option for you, depending on your circumstances. Therefore, it’s worth considering the following points before you lock yourself into a fixed rate mortgage deal:

Potential for higher rates – Interest rates on fixed rate deals can sometimes be higher than those offered on variable or tracker mortgages.

Potentially losing out if interest rates fall - You may miss out on a more competitive interest rate if the lender's SVR drops to less than the fixed rate. Additionally, you won't benefit from any cuts to the Bank of England Base Rate.

Penalty charges if you repay early – Most mortgage providers will charge you a penalty - known as an Early Repayment Charge (ERC) - if you want to move to a different mortgage deal before the end of the fixed term. For example, if you take out a fixed rate mortgage, repaying the loan early could involve a percentage of the loan amount being charged as a fee, on top of the amount you owe.

Arrangement fees as an additional cost - In certain circumstances you may have to pay arrangement fees to set up a fixed rate mortgage.

To compare top 5 year fixed rate mortgage deals and find the best mortgage offer for you, use the mortgage calculator to search over 5,000 mortgages based on your personal circumstances.

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