What is a five year fixed rate mortgage?

A five year mortgage retains the same interest rate for the first five years that you have it, no matter how much the lender raises or lowers its interest rates. After the initial period of five years, the rate of interest you pay will transfer to your lender's standard variable rate. Compare today's best rates below or read our guide to five year fixed mortgages below.  

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Post Office Money® Logo
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APRC
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Go To Provider's Site
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Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

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Maximum Age
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Royal Bank of Scotland Logo
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APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

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Virgin Money Logo
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APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

NatWest Logo
Rate
%

APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

NatWest Logo
Rate
%

APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

Post Office Money® Logo
Rate
%

APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

Royal Bank of Scotland Logo
Rate
%

APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

Royal Bank of Scotland Logo
Rate
%

APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

Virgin Money Logo
Rate
%

APRC
Product Fees
Initial Monthly Payment
Total Repayable Over years
Go To Provider's Site
Maximum Loan to Value
Charges and Fees
Application Criteria
Flexible Features
Incentives
Revert Rates

Maximum Loan to Value

First Time Buyers
Second Time Buyers
Remortgage
Minimum Loan
Maximum Loan

Charges and Fees

Early Repayment Charge
Exit Fees

Application Criteria

Maximum Age
Minimum Income
Available To

Flexible Features

Underpayments
Overpayments
Payment Holidays
Draw Down
Lump Sum

Incentives

Revert Rate

Representative Example

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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.

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A guide to five year fixed rate mortgages

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 year fixed rate deal for you – the lowest rates may not always offer the best value.

What is a five year fixed rate mortgage?

As the name may suggest, it’s a mortgage that retains the same interest rate for the first five years that you have it, no matter how much the lender raises or lowers its interest rates. After the initial period of five years, the rate of interest you pay will transfer to your lender's standard variable rate.

Moneyfacts tip

Moneyfacts tip Leanne Macardle

Concerned about fixing for five years? Compare three year and two year mortgages too.  

Should I fix my mortgage for five years?

If you fix your mortgage for five years, then your interest rate will not change for the duration of your chosen term. Other mortgage types can increase their rates any time, particularly if you have a variable rate mortgage, which can increase the amount you need to pay your lender. A fixed mortgage on the other hand ensures that your monthly repayments will stay exactly the same, regardless of what happens to rates during your fixed period. This may offer peace of mind since you don't need to worry about rising rates. Conversely, 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 five year fixed rate mortgage for?

To put it simply, these mortgages are most suitable for people who want the certainty of their payments for the long term and are not likely to have a change in circumstances during the initial mortgage term.

Pros and cons of five year fixed rate mortgage

  • 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.
  • 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.

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