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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 17/09/2019
key in shape of a house

Mortgage borrowers are not only benefitting from some of the lowest interest rates in recent times, but also from an increased range of mortgage products. Latest analysis by shows that the number of five-year fixed rate mortgages currently available in the market (1,542) is nearly twice the number available five years ago (796).

These increases are seen at every loan-to-value (LTV) tier, so first-time buyers and those looking to remortgage can all benefit from the increased choice. The availability of two year fixed rate mortgages is at a similar level at 1,547, meaning that borrowers have a near-equal number of products to choose when locking in for the short or long term.

Analysis of five-year fixed rate mortgage availability

Maximum LTV
































Source: Moneyfacts

Is now a good time to get a five year fixed mortgage?

This increase in competition has also seen the average rates of five year fixed rate mortgages fall. For example, based on the lowest fixed mortgage rates for those looking to move home, a mortgage of £218,000 at 60% LTV for a 10-year total mortgage term would now only cost £35 per month more for a five-year fixed deal compared to a two-year fixed deal. Borrowers who traditionally preferred the short-term commitment of a two-year fixed deal, may now be looking beyond just interest rates, preferring instead a stable monthly payment to protect them against economic changes in the future.

Is this the start of even longer fixed rate mortgages?

The number of 10 year fixed rate mortgages available is significantly less than those offering shorter initial fixed terms, with 174 mortgage products in total across 17 different providers. However, while there may be fewer products, the range of lenders does include some of the high street banks, larger building societies and a couple of challenger banks.

Not only this, but recently, Leeds Building Society, Virgin Money and Yorkshire Building Society have all launched 15 year fixed rate mortgages.

Is a 10 year fixed rate mortgage worth it?

Using today’s best fixed mortgage rates for those wanting to buy a new home, a mortgage of £218,000 at 60% LTV over a 10-year term would be £74 per month more expensive for a 10-year fixed rate compared to a five-year fix and £109 more expensive each month for a two-year fix.

While these longer terms do increase borrowers monthly budgets, they provide protection against increases in inflation and the Bank of England base interest rate.

Read more about the best mortgage rates from last week.


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

key in shape of a house

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