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5 year fixed rate mortgages

Find a 5 year fixed rate mortgage

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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.

Advantages and disadvantages of a 5 year fixed rate mortgage

  • 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
  • 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 fal

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 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 rate 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 could also consider a variable rate mortgage. It may offer 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 if rates fall.  

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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.

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Page last reviewed: 20 October 2023

Reviewed by: Claire Flynn

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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