1. Home
  2. Mortgages
  3. 5 year fixed rate mortgage

5 year fixed rate mortgage

Find a 5 year fixed rate mortgage

We’ve partnered with Mojo Mortgages to help you compare 5 year fixed rate mortgages with an expert.

  • Advisers who can look at mortgage rates from across the market

  • Get an expert-recommended deal

  • They can help you apply when you're ready

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 can’t go up, even if the base rate does.

This is the opposite of 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, whether it’s a fixed rate mortgage or variable rate mortgage.

It's sometimes possible to get a mortgage without a deposit, but in most cases you need a guarantor

As with any mortgage, the bigger the deposit you offer, the better rates you have access to.

To get the best 5 year fixed rates available, you need more than 5% deposit - usually those with 40% deposit or more get the most competitive deals.

Advantages and disadvantages of a 5 year fixed rate mortgage

  • Budgeting - you know how much your mortgage repayments are for 5 years, and that they won’t go up in that time
  • 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. A 5 year fix means you won’t need to do this as often as with a 2, 3 or 4 year fix
  • Greater flexibility than a longer deal - although you 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
  • Can be more expensive - longer fixed-rate deals have a history of being priced higher than shorter ones, as the borrower is paying for a longer period of certainty. But it depends on the market and recently 5-year fixed-rate deals have sometimes been cheaper than 2 and 3 year fixes.
  • 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
  • Less flexibility than a shorter deal - shorter deals allow you to leave or change deals without paying ERCs faster, which can be beneficial if rates fall

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

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.

A mortgage broker at 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.

What alternatives are there to 5 year fixed mortgages?

If you don’t think a 5 year fix is the right option for you, you could choose a longer or shorter fixed rate mortgage.

You might also consider a variable rate mortgage, which often has a more competitive interest rate to begin with, but is riskier.

This is because the interest rate can change at any time so you need to be prepared in case your payments increase. But they could also decrease.  

Need more help?

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 is also variable, so can continue to rise (or fall) over 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 remortgage before the deal ends.

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?

The type of interest rate you choose won’t be impacted by your employment type, or even your level of income.

It can be more difficult for some self-employed mortgage borrowers to secure any type of mortgage, regardless of the rate type, repayment type or deal length. 

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

Show more

Learn about different mortgage types

Tips & guides on mortgages

Page last reviewed: 27 September 2023

Reviewed by: Claire Flynn


The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties. 

Confused.com is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

Confused.com and Mojo Mortgages are part of the same group of companies.

Confused.com 2nd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL, United Kingdom. Confused.com is a trading name of Inspop.com Limited and is authorised and regulated by the Financial Conduct Authority. FRN 310635

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, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE.

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