The Best 5 to 10 Year Fixed Rate Mortgages | moneyfacts.co.uk

Compare the Best 5 to 10 Year Fixed Rate Mortgages

  - Compare over one thousand 5 to 10 year fixed rate mortgages to find the best rate for you.

 
If you are unsure or would like some advice, then you can speak to our trusted mortgage advisers
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Compare the Best 5 Year (& over) Fixed Rate Mortgages

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RateAPRCMortgage TypePeriodMax LTVERCSearch all
5745 mortgages

1.96% reverting to 4.99% 3.8% Fixed31/03/202475%To 31/03/2024Details...
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  Product Fee: Completion £995 

2.06% reverting to 4.99% 3.9% Fixed31/03/202485%To 31/03/2024Details...
Go to Site
 
  Product Fee: Completion £995 

2.14% reverting to 5.44% 4.3% Fixed30/11/202380%To 30/11/2023Details...
Speak to an Adviser
 
  Product Fee: Booking £299 

2.29% reverting to 4.19% 3.6% Fixed30/04/202490%To 30/04/2024Details...
Speak to an Adviser
 
  Product Fee: Booking £999 

2.44% reverting to 4.19% 2.8% Fixed10 years60%1st 10 yrs Details...
Go to Site
 
  Product Fee: None 

2.55% reverting to 4.74% 3.4% Fixed31/03/202985%To 31/03/2029Details...
Speak to an Adviser
 
  Product Fee: Arrangement £999 
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1.99% reverting to 4.24% 3.5% Fixed31/03/202475%To 31/03/2024Details...
Go to Site
 
  Product Fee: Booking £995 

2.06% reverting to 4.99% 3.8% Fixed01/05/202465%To 01/05/2024Details...
Go to Site
 
  Product Fee: Arrangement £995 

2.53% reverting to 4.74% 3.9% Fixed31/12/202360%To 31/12/2023Details...
Go to Site
 
  Product Fee: None 

Representative Example: £150,000 mortgage over 25 years initially at 2.29% fixed for 63 months reverting to 4.19% variable for term. 63 monthly payments of £657.17 and 237 monthly payments of £777.49. Total amount payable £226,715.84 includes loan amount, interest of £75,667, valuation fees of £0 and product fees of £999. The overall cost for comparison is 3.5% APRC representative.

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply via Moneyfacts.co.uk today. Products shown with a yellow background are sponsored products.

Disclaimer: Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.

 

Looking for long-term security when it comes to mortgage payments? Using the table below, compare the best mortgage rates for five-year fixed rate mortgage and find the right deal for you. Some fixed rate mortgages extend beyond a five-year fixed deal to even a 10-year fixed mortgage rate.

You can find out more about five year fixed rate mortgages below or speak to one of our preferred mortgage advisers for advice and information

At a glance:

  • Your monthly mortgage repayments will stay the same for your chosen term (usually five or 10 years) even if interest rates rise.
  • To find the lowest five-year fixed rate mortgage, make sure you review both the initial mortgage rate and the lender’s standard variable rate.
  • Interest rates are usually higher with long-term fixed mortgages. 
  • If you want to remortgage during the fixed period, you may have to pay an early repayment charge.
  • Make sure to consider the arrangement fees when choosing the right five to 10-year fixed rate deal for you – the lowest rates may not always offer the best value.

Pros:

Greater repayment security. You won't need to worry about rising rates affecting your mortgage repayments for the next five years (or longer depending on the initial fixed term of your mortgage deal).

You won't have to remortgage as often. With a longer-term fixed rate, you also won't have to search for a new mortgage deal as often or pay the fees that may come with this.

Cons:

Higher interest rates. Five to 10-year fixed mortgages tend to have higher interest rates than those with a two or three-year fixed term or a variable rate.

You're also tied in for longer. If you want to repay your mortgage early, or remortgage during the five to 10-year fixed rate period, you may have to pay an early repayment charge.

Payments stay the same. If interest rates go down over the next five to 10 years, your payments won't – so you could pay more than the prevailing rate.

Moneyfacts tip:

Before your five-year fixed rate mortgage comes to an end, look at the mortgage deals available to see if you can find a better offer than the rate you will pay once moved onto your lender's standard variable rate.

What is a 5 to 10 year fixed rate mortgage?

A five to ten fixed rate mortgage is, as the name may suggest, a mortgage that retains the same interest rate for the first 5 to 10 years that you have it, no matter how much the lender raises or lowers its interest rates. After the inital period or 5 to 10 years, the interest you pay will transfer to your lender's standard variable rate. Fixed rate mortgages can last for a little as 2 or 3 years, but on this page, we will be looking at mortgages between 5 to 10 years.


Should I fix my mortgage for five to ten years?

If you fix your mortgage for 5 to 10 years then your interest rate will not change for the duration of your 5 to 10 year term. Other mortgage types can increase their rates any time, particular if you have a variable rate mortgage, which will increase the amount you need to pay your lender. If you find a good rate on a 5 year mortgage, you can commit to spending only the agreed fixed amount for 5 years before your lender can change the rate. This can be offer peace of mind since you don't need to worry about rising rates. Conversally, if mortgage rates go down, you will still be required to pay the fixed amount you agreed with your lender so choose carefully!


Who is a 5 to 10 year fixed rate mortgage for?

To put it simply, these mortgages are most suitable to people who would find it hard or impossible to successfully make their mortgage payments their lenders rates were to increase within the next 5 to 10 years.


Advantages of a 5 to 10 year fixed rate mortgage

A greater period of repayment security can be gained by opting for a longer term fixed rate. As well as security, with a longer term fixed rate you do not need to search for a new mortgage every couple of years, (and pay the fees associated with a new mortgage), as you might do with a shorter term fixed mortgage.


Disadvantages of a 5 to 10 year fixed rate mortgage

The risk with a longer term fixed rate is that if rates drop, you could end up paying over the odds. This is not a large risk in the current low rate environment, but in this situation you may decide you want to change your mortgage before completing the initial fixed rate term to save money. Most fixed rate mortgages charge a fee if you want to change or repay your mortgage early, so it is wise to bear these charges in mind when you are deciding which longer term fixed rate mortgage to take. These charges might be very expensive, particularly in the early years.

When you look at our best buys, you will see that we have selected the best 5 - 10 Year fixed rate mortgage products from across different loan-to-value tiers in order to give a wide overview of what's available

However, if you can't find a product that's right for you don't worry - you can use our quick and easy mortgage search to access a more comprehensive list of mortgages.


Finding the best 5 to 10 year fixed rate mortgage

If you've decided that a long term fixed rate mortgage is for you, there's still plenty of options to consider. Primarily;

The mortgage rate

Determined by the size and value of the property you want a mortgage for, as well as your credit score and the size of your down payment (deposit). Generally speaking, the more money you can put down for a deposit, the better your mortgage rate will be since you present less of a risk to the lender.

Keep on the look out for fees! Some of the lower 5 to 10 year fixed rate mortgage rates may look very attractive, but they come with a painful arrangement fee, which can sometimes undo any benefit you would enjoy from the lower rate.

Fees and other charges

As always, you must read the small print! Sit down and work out how much you will be charged at the beginning and end of your mortgage. It's also worth knowing how much you will be charged if you need to cancel - even if you never do it, it's better to be prepared. Work out the full cost of your mortgage including fees when you compare.


Shorter fixed rate periods

You may find that the introductory rate on a short-term fixed rate mortgage is lower than that of a 5 to 10 year fixed rate mortgage, or if you choose a variable rate mortgage. Compare the best buy charts of these fixed rate mortgage and variable mortgages:

Written by Leanne Macardle, last updated: 25/09/2018

Top 5 year fixed rate mortgages

APRC Details


Yorkshire BS

1.96% Initial Rate

5 year fixed rate mortgage
3.80%
  • 1.96% fixed to 31/03/2024
  • Reverting to existing borrower's rate of 4.99% for the remainder
  • 75% max LTV Purchase
  • £995 Completion fee
  • Redemption charge: To 31/03/24: 5/4/3/2.5/1.5% sum repaid
  • Deferred Arrangement Fee £90 Fixed
  • Underpayments, overpayments and payment holidays allowed
  • Flexible option. 
  • Free valuation fees. 
  • £500 cashback
  • Min Loan: £25,001
  • Max loan: £5,000,000
  • Portable

Representative Example: £150,000 mortgage over 25 years initially at 1.96% fixed for 62 months reverting to 4.99% variable for term. 62 monthly payments of £632.86 and 238 monthly payments of £826.41. Total amount payable £237,057.90 includes loan amount, interest of £85,923, valuation fees of £0 and product fees of £995. The overall cost for comparison is 3.9% APRC representative.



APRC Details


Yorkshire BS
2.06% Initial Rate

5 year fixed rate mortgage
3.9%
  • Rate fixed until it matures on 20/01/20
  • Minimum investment of £1, maximum £3,500
  • Minimum monthly deposit of £1 up to a maximum of £250 (contributions can be amended)
  • No minimum number of required payments
  • Additional payments allowed, provided the monthly maximum is not exceeded
  • Withdrawals permitted
  • Contributions can be made by standing order, cheque and cash
  • Branch-based
  • Interest paid yearly

Representative Example: £150,000 mortgage over 25 years initially at 2.06% fixed for 62 months reverting to 4.99% variable for term. 62 monthly payments of £640.17 and 238 monthly payments of £828.22. Total amount payable £237,941.90 includes loan amount, interest of £86,807, valuation fees of £0 and product fees of £995. The overall cost for comparison is 3.9% APRC representative.


APRC Details
Hanley Economic BS

Hanley Economic BS


5 year fixed rate mortgage

80% LTV
4.30%
  • 2.14% fixed to 30/11/2023
  • Reverts to Existing Borrower's rate of 5.44% for the remainder
  • 80% LTV for purchase and remortgage
  • Booking fee: £299
  • Redemotion charge to 30/11/23: 2 Sum repaid + £95 admin fee
  • Free legal fees for remortgages in England & Wales (Max £250)
  • Free valuation fees for properties under £250,000. Help toward valuation fees (Max £310) for properties valued over £250,001
  • £250 cashback for remortgages in Scotland

Representative Example: £150,000 mortgage over 25 years initially at 2.14% fixed for 58 months reverting to 5.44% variable for term. 58 monthly payments of £646.05 and 242 monthly payments of £864.60. Total amount payable £247,148.10 includes loan amount, interest of £96,704, valuation fees of £0 and product fees of £299. The overall cost for comparison is 4.2% APRC representative.


APRC Details
first direct

First Direct

10 year fixed rate mortgage

60% LTV
2.8%
  • 2.44% fixed for 10 years
  • Reverts to an existing borrower's rate of 4.19% for the remainder
  • 60% LTV for purchase and remortgage
  • No additional product fees
  • No valuation fees
  • No legal fees for remortgages
  • No arrangement fees
  • Redemption charge for the 1st 10 years: 3/2/2/2/2/2/2/2/2/2% mortgage advance
  • Overpayments allowed. Portable
  • Min loan: £10,000 - Max: £1,000,000

Representative Example: £150,000 mortgage over 25 years initially at 2.44% fixed for 120 months reverting to 4.19% variable for term. 120 monthly payments of £668.40 and 180 monthly payments of £754.25. Total amount payable £216,023.00 includes loan amount, interest of £65,973, valuation fees of £0 and product fees of £0. The overall cost for comparison is 3.1% APRC representative.


APRC Details

Coventry Building Society

10 year fixed rate mortgage

85% LTV
3.4%
  • 2.55% fixed to 31/03/2029
  • 85% LTV for purchase and remortgage
  • Arrangement fees: £999
  • Redemption charge to 31/3/29: 5/5/3/3/3/1/1/1/1/1% sum repaid + admin fees of £125 (not payable in the last year)
  • Free valuation fees (Max £670)
  • Free legal fees for remortgages
  • Overpayments allowed. Portable
  • Also available to Further Advances

Representative Example: £150,000 mortgage over 25 years initially at 2.55% fixed for 122 months reverting to 4.74% variable for term. 122 monthly payments of £676.71 and 178 monthly payments of £784.93. Total amount payable £223,325.16 includes loan amount, interest of £72,276, valuation fees of £0 and product fees of £999. The overall cost for comparison is 3.4% APRC representative.


Information and rates correct as at: 18.01.2019


 

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