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- Best 5 Year Fixed Rate Mortgages - February 2025
5 year fixed rate mortgages
Finding the right five-year fixed-rate mortgage deal can be difficult.
Should I fix my rate for a shorter period? What extra fees are involved? What if I want to move soon?
Tell us about yourself and use an expert comparison call with our broker partner Mojo to find your best 5-year fixed-rate mortgage deal from the latest rates in February 2025
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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
What is a 5-year fixed-rate mortgage?
A five-year fixed-rate mortgage has a mortgage interest rate that stays the same for five years. This means your mortgage repayments won’t change no matter what happens to interest rates during the five-year term - making it much easier to budget.
At the end of the five-year period, you will be able to choose a new fixed or variable-rate deal without worrying about incurring an early repayment charge. It’s still possible to switch deals or repay the mortgage balance before the five years is up, but most lenders will charge you for doing so.
Best 5 year fixed mortgage rates
This table shows some of our partner Mojo's best five-year fixed-rate deals currently available, based on the initial rate and some different loan-to-value ratios (the amount you borrow compared to the property value).
You will only pay this initial rate during the introductory deal period. So, for these five-year fixed-rate mortgage offers, you’ll pay the initial rate for five years.
The Annual Percentage Rate of Change (APRC) is included after the initial mortgage rate for each deal. APRC takes fees and the Standard Variable Rate (SVR) into account, as you're automatically moved onto this when the introductory period ends.
This can help you compare mortgage deals, but won’t help you to work out how much you'll pay overall if you remortgage at the end of the introductory five-year deal - which most borrowers do to avoid the SVR due to the higher cost.
- 5 years
- Fixed rate
- Monthly repayment£ 884.08
- Loan to value60 %
- Initial interest rate3.98 %
- Variable rate6.99 %
- APRC5.9%
- Product fees£ 1,016
Representative example:Repayment mortgage of £168,000.00 over 25 years, representative APRC 5.9%. Repayments: 63 months of £884.08 at 3.98% (fixed), then 237 months of £1,129.12 at 6.99% (variable). Total amount payable £323,298.48. Early repayment charges apply until 31-May-2030. Arrangement, mortgage discharge, valuation and CHAPS fees total £1016. Legal fees £295.
- 5 years
- Fixed rate
- Monthly repayment£ 1,055.23
- Loan to value70 %
- Initial interest rate4.19 %
- Variable rate6.49 %
- APRC5.7%
- Product fees£ 1,014
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 5.7%. Repayments: 64 months of £1,055.23 at 4.19% (fixed), then 236 months of £1,272.89 at 6.49% (variable). Total amount payable £367,936.76. Early repayment charges apply until 30-Jun-2030. Arrangement, mortgage discharge, valuation and CHAPS fees total £1014. Legal fees £126.
- 5 years
- Fixed rate
- Monthly repayment£ 1,223.63
- Loan to value80 %
- Initial interest rate4.34 %
- Variable rate6.99 %
- APRC6.1%
- Product fees£ 1,016
Representative example:Repayment mortgage of £224,000.00 over 25 years, representative APRC 6.1%. Repayments: 63 months of £1,223.63 at 4.34% (fixed), then 237 months of £1,515.44 at 6.99% (variable). Total amount payable £436,247.97. Early repayment charges apply until 31-May-2030. Arrangement, mortgage discharge, valuation and CHAPS fees total £1016. Legal fees £295.
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- 5 years
- Fixed rate
- £ 500 cashback
- Monthly repayment£ 1,409.34
- Loan to value90 %
- Initial interest rate4.57 %
- Variable rate7.37 %
- APRC6.4%
- Product fees£ 1,049
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 6.4%. Repayments: 65 months of £1,409.34 at 4.57% (fixed), then 235 months of £1,759.59 at 7.37% (variable). Total amount payable £505,110.75. Early repayment charges apply until 31-Jul-2030. Arrangement, mortgage discharge, valuation and CHAPS fees total £1049.
The above rates are provided by Mojo Mortgages and updated every 12 hours. THEY MAY NOT BE AVAILABLE WHEN YOU'RE READY TO SUBMIT AN APPLICATION.
Average rates are provided by Mojo Mortgages and based on their analysis of deals available from five of the biggest lenders at the time
Is a 5-year fixed-rate mortgage a good idea?
When you choose a five-year fixed-rate mortgage, you won’t have to worry about rising mortgage interest rates increasing your monthly repayments during the term of the deal. A five-year deal could, therefore, suit those wanting the peace of mind of knowing how much their repayments will be in the mid-term.
On the flip side, however, interest rates can be higher compared to shorter fixed-rate mortgage deals, although this is not always the case. You also won’t benefit throughout the five-year period if rates fall or you want to move house, unless you pay ERCs (early repayment charges) to leave the deal early.
Advantages of a 5-year fixed-rate mortgage
Your monthly repayments won't change for five years, even if mortgage rates rise. As long as your financial situation doesn’t change for the worse, you should find yourself able to pay your mortgage comfortably
Five-year fixed-rate mortgages may be cheaper than longer-term fixes and give you the option to switch to another mortgage sooner without paying early repayment charges (ERCs)
You won't need to remortgage as frequently as with a two-year fix, which will save you time and money on mortgage fees
Disadvantages of a 5-year fixed-rate mortgage
Fixed-rate mortgages that last for five years sometimes come with higher interest rates than shorter-term fixed mortgage deals. They’re also generally more expensive at the outset than variable-rate deals, such as trackers and discount rates
If interest rates go down during the five years of your fixed-rate mortgage deal, you could end up paying over the odds because your interest rate stays the same
If you want to move house or switch to a cheaper deal sooner, you may face paying hefty ERCs to change mortgage deals
What happens when my five-year fixed rate ends?
When your five-year fixed-rate mortgage deal ends, the fixed initial rate will no longer apply and you will be transferred onto your mortgage lender’s standard variable rate (SVR). Lender SVRs are generally higher than all of the other rates that they have available, which means your monthly mortgage payments will likely increase if you switch to your lender’s SVR.
It’s therefore a good idea to start looking at remortgage deals about six months before your existing fixed-rate deal ends if you want to avoid falling onto the SVR. This way, you can secure the best fixed-rate mortgage rate available at the time.
Remember, you're not bound to a new mortgage deal until your existing deal actually ends, so locking a mortgage rate in early doesn't mean you'll risk losing out to cheaper rates later on.
5-year fixed-rate mortgage deals can give mid-term security of knowing your monthly payments won't rise. But equally, you won't benefit from reduced payments if rates fall within five years. A broker can help you to weigh up your options and decide on the best mortgage deal for your circumstances.”Jason McDonald, Mortgage Expert
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5 year fixed-rate mortgage FAQs
How much will a five-year fixed-rate mortgage cost?
With a five-year fixed-rate mortgage, you know the rate will remain the same for five years so your repayments won't increase over that duration. However, in addition to the interest rate, it's also important to look at other fees involved. Some deals have a lower mortgage interest rate, but the product fees make it more expensive overall compared to other options.
If you think there's a chance you may need to break out of the deal before it ends, make sure to find out about the early repayment charges (ERCs) too. ERCs can amount to thousands of pounds so it's worth being aware of what they are before applying for a remortgage deal.
Do I need a larger deposit for a 5 year fixed-rate mortgage?
No - the type of mortgage you opt for has no bearing on the size of deposit you need. Your deposit size determines your loan-to-value (LTV) ratio, which impacts the interest rate lenders can offer you no matter whether you opt for a fixed or variate rate mortgage.
Therefore, the best five-year fixed-rate mortgages are going to be available to those putting down the largest deposits as you’ll be borrowing at a lower LTV which is less risky for the lender. So, while you’ll be able to find 95% five-year fixed-rate mortgages, the best five-year fixed mortgage rates are generally offered on LTVs of 60% or less.
If you’re moving home or remortgaging, the equity in your current home will count towards the deposit for your new mortgage - but you can also add to this with a cash deposit.
How do I choose the best five-year fixed mortgage rate?
Most people will be looking for the lowest 5-year fixed mortgage rate, but this is not necessarily going to be ‘the best’ for all. There are other factors to consider, such as product fees and lender flexibility on things like overpayments.
It’s also worth remembering that not all borrowers will have access to the ‘best’ rates. This is because interest rates are based on circumstances, so what is a 'good rate' for someone with bad credit won't usually be considered good to someone with impeccable credit, for example.
To get a more personalised overview of what rates are available to you, it’s a good idea to speak to a mortgage broker. They’ll be able to find the most suitable mortgage deal based on your individual circumstances.
What are my other mortgage options?
It's possible to get different lengths of fixed-rate mortgage to suit your needs, such as a shorter two-year fixed-rate mortgage or an even longer seven or ten-year fixed deal.
The alternative to fixed-rate mortgages are variable-rate deals, such as tracker or discount mortgages. With these products, the rates can go up or down, either directly in line with the Bank of England base rate or in response to market changes.
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YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo 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.