Compare our best 5 year fixed rate mortgages

5 year fixed mortgage rates stay the same for the first five years of your mortgage, which can be a nice balance between security and cost. Compare our best mortgage deals for 5 year fixed deals. Explore our 5 year fixed rate mortgage guide to learn more about them and decide if they're the right fixed length for you.

Mortgage type

Property price

£

Mortgage amount

£

Mortgage term

years

Initial rate type

Deal length

Repayment type

Our best 5 year fixed rate mortgage deals

  • TSB 5 Year Fixed mortgage

    Initial rate 1.84%. APRC 3%. Set-up fees £995
  • Nationwide Building Society 5 Year Fixed mortgage

    Initial rate 1.99%. APRC 3.1%. Set-up fees £999
  • Nationwide Building Society 5 Year Fixed mortgage

    Initial rate 2.04%. APRC 3.1%. Set-up fees £0
  • TSB 5 Year Fixed mortgage

    Initial rate 2.04%. APRC 2.9%. Set-up fees £0
  • Barclays 5 Year Fixed mortgage

    Initial rate 2.09%. APRC 3%. Set-up fees £999
  • Monmouthshire Building Society 5 Year Fixed mortgage

    Initial rate 2.15%. APRC 3.4%. Set-up fees £0
  • Barclays 5 Year Fixed mortgage

    Initial rate 2.15%. APRC 3%. Set-up fees £0
  • Lloyds Bank 5 Year Fixed mortgage

    Initial rate 2.17%. APRC 3.3%. Set-up fees £1,499
  • AIB (NI) 5 Year Fixed mortgage

    Initial rate 2.18%. APRC 3.4%. Set-up fees £0
  • We've found 168 mortgage deals

    TSB

    5 Year Fixed

    Initial rate

    1.84%

    until 30-11-2025

    APRC

    3%

    overall cost for comparison

    Set-up fees

    £995

    Monthly payment

    £707.38

    for 60 months

    Nationwide Building Society

    5 Year Fixed

    Initial rate

    1.99%

    APRC

    3.1%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £719.73

    for 60 months

    Nationwide Building Society

    5 Year Fixed

    Initial rate

    2.04%

    APRC

    3.1%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £723.87

    for 60 months

    TSB

    5 Year Fixed

    Initial rate

    2.04%

    until 30-11-2025

    APRC

    2.9%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £723.87

    for 60 months

    Barclays

    5 Year Fixed

    Initial rate

    2.09%

    until 31-10-2025

    APRC

    3%

    overall cost for comparison

    Set-up fees

    £999

    Monthly payment

    £728.02

    for 60 months

    Monmouthshire Building Society

    5 Year Fixed

    Initial rate

    2.15%

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £733.03

    for 60 months

    Barclays

    5 Year Fixed

    Initial rate

    2.15%

    until 31-10-2025

    APRC

    3%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £733.03

    for 60 months

    Lloyds Bank

    5 Year Fixed

    Initial rate

    2.17%

    until 30-11-2025

    APRC

    3.3%

    overall cost for comparison

    Set-up fees

    £1,499

    Monthly payment

    £734.70

    for 60 months

    AIB (NI)

    5 Year Fixed

    Initial rate

    2.18%

    until 30-11-2025

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £735.54

    for 60 months

    AIB (NI)

    5 Year Fixed

    Initial rate

    2.18%

    until 30-11-2025

    APRC

    3.4%

    overall cost for comparison

    Set-up fees

    £0

    Monthly payment

    £735.54

    for 60 months

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    Representative example:

    If you borrowed £200,000 payable over 25 years, with an initial fixed-rate for two years at 4.79%, your monthly payments would be £1,144.84 for 24 months. This would then revert to a standard variable rate (SVR) of 4.24% for the remaining 23 years, costing £1,086.24 per month for 276 months. Overall cost for comparison is 4.5% APRC representative. The total amount payable over the full term would be £328,272, including product fee of £995 and interest of £127,277.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    What is a 5 year fixed rate mortgage?

    A 5 year fixed rate mortgage gives you a fixed interest rate for 5 years. During this period your monthly mortgage repayments will not change, even if the Bank of England increases the base interest rate or your lender hikes its standard variable rate (SVR).

    A 5 year fixed mortgage gives you a lot of financial security. That security comes at a cost, though. Even the best 5 year fixed mortgages have a higher interest rate than a fixed rate mortgage lasting two or three years, which means higher monthly repayments too. Over 5 years, you could pay thousands of pounds more in interest than you would with a 2 year fix.

    How to find the best 5 year fixed rate mortgage

    The best 5 year fixed rate mortgage is one that costs you the least amount of money over 5 years.

    When comparing 5 year mortgages to find the cheapest, always take into account the interest rate AND the set-up fees. If you're remortgaging or switching mortgages, you may also need to factor in valuation, conveyancy and home survey fees.

    Remember that if you add any of the fees to your mortgage, you will pay interest on them, which will increase your monthly repayments. You can use the mortgage comparison table at the top of this page to find the best 5 year fixed rate mortgage for your financial situation.

    Mortgages are complex products: read our mortgage guide to learn about all the fees, charges and pitfalls to watch out for when comparing mortgages.

    If you're not sure that a 5 year fix is the right mortgage for you, use these mortgage comparison pages find other fixed rate mortgages:

    Should I get a 5 year fixed rate mortgage?

    The main advantage of a 5 year fixed rate mortgage is knowing that your monthly repayments will stay the same for 5 years.

    The disadvantage is that you lose some flexibility. If the Bank of England reduces the base rate, you'll be stuck on a higher rate of interest until the end of your fixed term.

    If you repay your mortgage entirely within 5 years - normally by remortgaging - you will be hit by a hefty early repayment charge (ERC). The ERC varies, but it's usually a few percent of your total mortgage loan. On a larger mortgage, this can be tens of thousands of pounds. You may also face charges if you want to overpay.

    Most lenders will allow you to overpay on your mortgage by up to say 10% each year, but if you overpay too much, you could be charged a big fee.

    If you plan to move house within the next 5 years, make sure you get a portable mortgage. You can take a portable mortgage with you. If you don't get a portable mortgage, you'll have to pay the ERC.

    Either way, it’s important to weigh up the pros and cons. With Brexit on the horizon and the uncertainty of the Covid-19 pandemic, you may welcome the security of knowing exactly how much you will have to pay each month for the next 5 years.

    With the Bank of England base rate at just 0.10% (as of 2020), it’s also a good time to snap up low 5 year mortgage rates. But if the Coronavirus outbreak leads to a global recession, the cost of borrowing may come down - leaving you paying over the odds.

    When making your decision, try to think long term: will your personal and financial situations be the same 5 years from now?

    5 year fixed rate mortgage FAQs

    Can I get a 5 year fixed rate mortgage?

    There are no particular criteria for obtaining a 5 year fixed rate mortgage. The best interest rates are reserved for those with a large deposit, though – and because you’re stuck with it for 5 years, it’s probably worth aiming for at least a 30% deposit (70% LTV).

    What happens when my 5 year fix ends?

    After 5 years, the mortgage will revert to your lender’s SVR, which will usually be quite a lot higher than your fixed rate. As of May 2020, the best 5 year fixed mortgages are at around 1.5%; most SVRs are above 3.5%.

    On a mortgage of £300,000 over 25 years, your monthly repayments would go from £1,200 to £1,502 - a difference of £302 per month or more than £3,600 per year.

    That’s why, between 3 and 6 months before your fixed rate mortgage ends, you should look into remortgaging and locking in a lower interest rate.

    What is the longest fixed rate mortgage I can get?

    The longest fixed-rate mortgage deal in the UK is 10 years. You will pay a pretty hefty premium for financial security, though: the interest rate is usually about 0.5% higher than the best mortgage rates on 5 year fixed rate deals. Over 10 years, that will likely mean thousands of pounds in extra interest payments.

    Are 5 year fixed rate mortgages the best deals

    It all comes down to whether you need the financial security of a 5 year fixed rate mortgage. Better interest rates are certainly available, if you prefer a 2 year fixed rate mortgage or a tracker or discount rate mortgage.

    Compare other types of mortgage

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    Last updated: 6 August, 2020