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What is a 5 year fixed rate mortgage?

A 5 year fixed rate mortgage has a set interest rate for 5 years, so your mortgage repayments won't increase, even if the base rate does.

This is different to a variable rate mortgage, which has an interest rate that can change at any time.

This also means you won't benefit if interest rates fall during the 5 year deal.

How much deposit do I need for a 5 year fixed rate mortgage?

You usually need a deposit of at least 5% of the property value, or price, whichever is lower. This is true whether it’s a fixed rate mortgage or variable rate mortgage.

It's sometimes possible to get a mortgage without a deposit, but these deals are unusual and in most cases you need a guarantor.

As with any mortgage, the bigger the deposit you offer, the better rates you have access to. Even putting down a slightly larger 10% deposit can get you access to more deals.

The best 5 year fixed mortgage rates are usually available to those with a 40% deposit or more.

What our mortgage expert says:

"People weigh up 2-year versus 5-year mostly by guessing where rates are headed, but the more useful question is where your life is headed. Five years is long enough for a house move, a new job, or a growing family to change your plans - so check the deal's portability and how the early repayment charge tapers over time, not just the headline rate."

Ashlyn Trojnacki Mortgage Expert

What is the average rate for 5 year fixed rate mortgages?

As of 13 August 2026, the average 5-year fixed-rate mortgage at 75% LTV is 5.36%. These rates may not be available when you submit an application.

Mortgage rates are currently changing quickly. The average cost of a 5-year fixed rate mortgage can change multiple times in a day in the current market.

Mojo Mortgages can help you to find the most competitive 5 year fixes available to you, but this depends on the size of your deposit and financial circumstances.

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Advantages and disadvantages of 5 year fixed rate mortgages

Advantages of 5 year fixed rate mortgages:

It makes budgeting easier – you know how much your mortgage repayments are for 5 years, and that they won’t go up in that time
You face fewer remortgage fees – if you want to avoid the lender’s standard variable rate (SVR) you need to remortgage at the end of every deal, and you want need to do this as often with a 5 year fix compared to shorter deals
It offers more flexibility than a longer deal – although you normally can’t leave the deal for 5 years without paying early repayment charges (ERCs), you can leave fee-free sooner than a deal that lasts longer

Disadvantages of 5 year fixed rate mortgages:

You can’t change the deal for 5 years without paying ERCs - this means that if rates fall during the deal period, you can’t take advantage of them straight away, unless you pay the fees
It's less flexible than a shorter deal - shorter deals allow you to leave or change deals without paying ERCs faster, which might be beneficial if rates fall

Mojo's customer says:

“We used Mojo to purchase our home and then to re-mortgage when our fixed deal ended. Liam took the time to understand our needs and was incredibly diligent when finding us the right match. I can guarantee when our current deal ends, Mojo will be where we turn.”

Delian - Mojo Mortgages customer (July 2026)

“10/10 experience Everyone that has provided support for us at Mojo including the mortgage broker, insurance broker and all supporting staff for the entire application process have been absolutely amazing - so friendly, easy to talk to and so knowledgable, making the info super digestible. The communication cannot be faulted.”

Libertyflo - Mojo Mortgages customer (December 2025)

“Everything should be this easy and satisfying. Having only just made the enquiry online, I was called within 30 minutes and put through to a very friendly, very knowledgable representative who answered all of my questions and made the whole process extremely easy. Highly recommended.”

Daniel - Mojo Mortgages customer (May 2024)

Mojo is rated

Mojo mortgages have a 4.8 rating based on 10249 reviews
as of 13/08/2026

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What happens when my 5 year fixed rate mortgage ends?

When any fixed deal ends, you automatically switch to the lender’s standard variable rate of interest (SVR). This almost always has a higher interest rate than other deals available, but it's also variable, so can rise or fall at any time.

Usually your mortgage lender reminds you when your 5 year fixed rate deal is coming to an end, but it’s a good idea to put the date in your diary. To avoid the SVR, you can secure a new remortgage deal around 6 months before your current one ends. You switch to it at the end of your existing deal, so you won't have to pay early repayment charges (ERCs).

What should I do when my 5 year fixed rate mortgage is coming to an end?

If your deal term is due to end within 6 months, it’s a good idea to speak to a broker who can compare mortgages that work for you. You could switch to another 5 year fix, a different length of fixed-rate, or even try a variable rate, but can usually lock in a new deal at this point.

You can either remortgage to a new lender or get another deal with the same one (known as a product transfer).

If you then see a more competitive deal before your current deal ends, you can always switch. You’re not committed to the new rate until your current deal ends and the new one begins.

How does LTV ratio impact 5 year fixed rate mortgages?

A lower loan-to-value (LTV) generally gives you access to better rates. This is the same for all mortgages, no matter what the deal length is or whether it's a fixed or variable deal.

Can I get a 5 year fixed rate mortgage if I’m self employed?

It can be more difficult for some self-employed mortgage borrowers to secure any type of mortgage.

But plenty of lenders welcome self-employed applicants. It’s definitely achievable if you can prove you have a stable income.

Reviewed by Ashlyn Trojnacki Mortgage Expert Updated on 13 August 2026

YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH.

To contact Mojo by phone, please call 0333 123 0012.

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