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Details sort by initial rateLenderInitial rate Rate type Overall cost for comparison Product fee Monthly cost Enquire
Initial rate: 4.63%
Rate type: 10 year fixed
Monthly cost: £1013.83 per month
Product fee: £999
Overall cost for comparison: 5.8% APRC
Nationwide Building Society logo 4.63% 10 year fixed 5.8% APRC £999 £1013.83 per month get quotes Broker Only Deal
Initial rate: 4.74%
Rate type: 10 year fixed
Monthly cost: £1025.18 per month
Product fee: £0
Overall cost for comparison: 5.8% APRC
Nationwide Building Society logo 4.74% 10 year fixed 5.8% APRC £0 £1025.18 per month get quotes Broker Only Deal
Initial rate: 4.75%
Rate type: 7 year fixed
Monthly cost: £1026.21 per month
Product fee: £995
Overall cost for comparison: 6.4% APRC
Bank of Ireland UK logo 4.75% 7 year fixed 6.4% APRC £995 £1026.21 per month get quotes Broker Only Deal
Initial rate: 4.82%
Rate type: 7 year fixed
Monthly cost: £1033.47 per month
Product fee: £1,495
Overall cost for comparison: 6.5% APRC
Bank of Ireland UK logo 4.82% 7 year fixed 6.5% APRC £1,495 £1033.47 per month get quotes Broker Only Deal
Initial rate: 4.89%
Rate type: 10 year fixed
Monthly cost: £1040.76 per month
Product fee: £995
Overall cost for comparison: 6.4% APRC
Virgin Money logo 4.89% 10 year fixed 6.4% APRC £995 £1000 cashback £1040.76 per month get quotes Broker Only Deal
Initial rate: 4.92%
Rate type: 7 year fixed
Monthly cost: £1043.89 per month
Product fee: £0
Overall cost for comparison: 6.5% APRC
Bank of Ireland UK logo 4.92% 7 year fixed 6.5% APRC £0 £1043.89 per month get quotes Broker Only Deal
Initial rate: 4.93%
Rate type: 10 year fixed
Monthly cost: £1044.93 per month
Product fee: £999
Overall cost for comparison: 6.2% APRC
Halifax 4.93% 10 year fixed 6.2% APRC £999 £250 cashback £1044.93 per month get quotes
Initial rate: 4.93%
Rate type: 10 year fixed
Monthly cost: £1044.93 per month
Product fee: £999
Overall cost for comparison: 6.2% APRC
Halifax 4.93% 10 year fixed 6.2% APRC £999 £250 cashback £1044.93 per month get quotes Broker Only Deal
Initial rate: 5.02%
Rate type: 10 year fixed
Monthly cost: £1054.36 per month
Product fee: £0
Overall cost for comparison: 6.2% APRC
Halifax 5.02% 10 year fixed 6.2% APRC £0 £250 cashback £1054.36 per month get quotes
Initial rate: 5.02%
Rate type: 10 year fixed
Monthly cost: £1054.36 per month
Product fee: £0
Overall cost for comparison: 6.2% APRC
Halifax 5.02% 10 year fixed 6.2% APRC £0 £250 cashback £1054.36 per month get quotes Broker Only Deal
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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

Fixed Rate Mortgage Service - Get a better deal

Special features of what we offer include:

  • Whole of market service - we work with over 60 UK lenders

  • Great Rates! - Access to leading market mortgage rates including 5 year fixed rates

  • Access to exclusive loan deals not available on high street

  • Fast turnaround - speak to us today if you need to move quickly

  • We have lenders who will take into account previous defaults and missed payments 

  • Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options contact our mortgage team.

5 Year Fixed Rate Mortgages - How To Get One

If you're considering buying a house or refinancing an existing mortgage, a fixed-rate mortgage is one of the most popular options. 

Fixed-rate mortgages are popular because they offer predictable monthly payments that don't fluctuate based on interest rate changes. 

Among fixed-rate mortgages, 5 year fixed-rate mortgages are an attractive option because of their stability and longer-term rate lock.

We'll explore the benefits and drawbacks of 5-year fixed-rate mortgages and answer some frequently asked questions about this type of mortgage.

Is it worth taking a 5 year fixed mortgage?

Whether a 5-year fixed-rate mortgage is worth taking depends on your financial goals and circumstances.

If you are looking for long-term stability and predictability in your monthly mortgage payments, a 5-year fixed-rate mortgage may be a good choice for you.

Knowing your mortgage payments won't increase for the next five years can provide peace of mind.

However, if you need more clarification about your plans, such as moving or refinancing your mortgage before the five-year term is up, there may be better options than a 5-year fixed-rate mortgage.

It's essential to consider your financial situation and goals carefully before choosing a mortgage product.

Is it better to have a 2 year, 3 year or 5 year fixed rate mortgage?

The answer to this question depends on your financial goals and circumstances. 

A 2 year fixed rate mortgage could be the best choice for you.

If you plan to sell your property in the next two years, this type of mortgage could be beneficial.

Alternatively, it may also be a good option if you want to be able to refinance your mortgage sooner.

A 3-year fixed-rate mortgage could be a good option if you're looking for a bit more rate stability and have a longer-term outlook for your property.

 A 5-year fixed-rate mortgage is ideal if you want long-term rate stability and predictability in your monthly mortgage payments.

What are the advantages and disadvantages of a 5 year fixed rate?

There are several advantages to a 5-year fixed-rate mortgage:

  1. It offers longer-term rate stability and certainty in your monthly mortgage payments

  2. Knowing that your mortgage payments won't increase for the next five years provides peace of mind

  3. It can be a good choice if you expect interest rates to rise over the next few years

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

The main disadvantage of a 5-year fixed-rate mortgage is that it can be less flexible than other types of 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.

Can my 5 year fixed rate mortgage go up?

No, your monthly mortgage payments won't increase during the five-year term of your fixed-rate mortgage. 

Your interest rate is "fixed" for the entire mortgage term, so you'll have predictable monthly payments.

Can you pay off a 5 year fixed rate mortgage early?

You can pay off a 5-year fixed-rate mortgage early. However, you may need to pay an early repayment charge or penalty. 

It is essential to review the terms and conditions of your mortgage agreement. This will help you understand what fees or penalties may be imposed if you pay off your mortgage in advance.

You may also have the option to make overpayments on your mortgage without incurring any fees or penalties. This can help you pay off your mortgage sooner and save you money on interest charges.

You should check with your lender to find out if this is an option.

It is important to remember that paying off a mortgage early may not reduce the total amount of interest paid. You may still have to pay the same amount of interest as if you kept the full loan term.

Therefore, it is essential to review your mortgage agreement and understand the terms and conditions before you make any decisions.

Can you get a 5 year fixed rate second charge mortgage?

Yes, some lenders offer five year fixed rate second charge mortgages, which allow you to borrow money secured against your home.

Interest rates on second-charge mortgages are usually higher than first-charge mortgages. It is important to compare different interest rates. Assess if a five-year fixed rate second charge mortgage is the best option for you.

If you are thinking of taking up a 2nd charge mortgage option, speak to us about your options.

Consider the length of the loan.

Evaluate the amount you can borrow.

Research any other fees or charges associated with the loan.

Also, it is essential to consider your current financial situation and how it may change over the course of the loan.

Is it better to get a tracker mortgage or a fixed rate mortgage? 

Choosing between a tracker mortgage and a fixed rate mortgage depends on your circumstances and preferences.

A tracker mortgage's interest rate is linked to the Bank of England base rate.

This means your monthly mortgage repayments can fluctuate according to any modifications made to the base rate.

They can increase or decrease depending on the alterations. 

A fixed-rate mortgage offers stability and predictability with your mortgage payments. The interest rate remains the same for a predetermined period.

 

Fixed Rate Mortgage

Tracker Mortgage

 

Interest Rate

Interest rate is fixed

Interest rate tracks base rate

Predictability

Monthly payments are predictable

Monthly payments can fluctuate

Early Repayment

May incur early repayment fees

Usually no early repayment fees

Length of Fix

Usually 2, 3, or 5 years

No fixed term, tracks base rate

Protection

Protected against rate rises

Not protected against rate rises

Flexibility

Limited flexibility

More flexibility to overpay or switch

Risk Appetite

Lower risk appetite

Higher risk appetite

 

Can I remortgage onto a 5 year fixed rate?

You can remortgage onto a 5 year fixed rate mortgage if:

- You are coming to the end of your existing mortgage deal.

- You want to switch to a different mortgage product.

However, compare other mortgage deals to find the best one for your needs.

What happens at the end of a 5 year fixed-rate mortgage?

At the end of a 5 year fixed rate mortgage, your mortgage will usually revert to the lender's standard variable rate. Alternatively, you can remortgage onto a different mortgage product.

Can you sell your house if you have a 5 year fixed rate mortgage?

Yes, you can sell your house with a 5 year fixed rate mortgage. However, if you want to pay off your mortgage early, you may have to pay an early repayment charge.

It is important to compare the different options available to ensure you have the best deal for your needs. Different deals have different benefits and drawbacks, so it is important to do your research to make sure you are getting the right choice for you.

Make sure to check what happens at the end of the fixed-rate period as this may have an impact on your decision.

If you know you are going to sell your home within the next five years then look for a mortgage product with low or tapering early repayment fees or consider a product with no ERC penalties

. It is important to understand the terms and conditions of your mortgage before you take it out.

FAQs: 

Can you get an interest only 5 year fixed rate mortgage?

Lenders offering interest-only 5 year fixed rate mortgages can be challenging to find. However, they are possible to obtain. 

Most lenders prefer to offer repayment mortgages, which are considered less risky. Suppose you find a lender offering an interest-only 5 year fixed rate mortgage. 

In that case, it is essential to carefully review the terms and conditions to understand the costs and risks of this type of loan.

How do fixed rate mortgages work?

In a fixed-rate mortgage, the interest rate remains unchanged for a specified period, usually two to ten years.

Your monthly mortgage payment will remain unchanged throughout the loan term, regardless of interest rate changes.

Which lenders provide 5 year fixed rate mortgages?

Most major banks and lenders offer 5 year fixed rate mortgages and various other fixed and variable rate mortgage options.

Compare rates and terms to find the best mortgage product for you by shopping around.

I am self-employed. Can I get a 5 year fixed rate mortgage?

Yes, getting a 5 year fixed rate mortgage is possible if you are self-employed. However, you may need additional documentation and meet specific eligibility criteria, such as solid credit history and a stable income.

Can I get a 5 year fixed rate mortgage in retirement?

Yes, getting a 5 year fixed rate mortgage in retirement is possible as long as you meet the lender's eligibility criteria.

However, you may need to provide proof of income, assets, and other financial information to qualify for the loan. 

In Summary

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 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).

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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