Written by Mark Langshaw Reviewed by Lee Trett
Sources
20 December 2025
Lowest rate is currently % - 0 year interest only mortgage
10 July 2025
Added live mortgage sourcing tool to allow users to compare the latest 5-year fixed-rate mortgage deals in real time
14 April 2025
Updated all call to action text
3 February 2025
Updated average rate cited for February 2025
2 January 2025
Updated average rate cited for Jan 2025
19 December 2023
First Published
Five-year fixed-rate mortgages are popular during times of low interest rates or when market uncertainty is believed to be on the horizon. In this guide, you will learn all you need to know about this type of mortgage, including how to get one.
You can also compare the latest 5-year fixed-rate mortgages for free using our mortgage-sourcing tool below. It has been preset to return results for 5-year fixes but can be manually changed to show longer or shorter fixes and variable rate deals too.
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A repayment mortgage of over year, APR %. Total payable (incl. product fees of ). Repayments: months at (%), then months at (%, variable). Early repayment charges apply. Rates not guaranteed.
About these rates
Rates shown are illustrative based on the property value, mortgage amount, and term you entered above. Actual rates and total cost depend on your credit profile, deposit, and lender assessment. APR figures include product fees where applicable. Early repayment charges may apply. Rates are not guaranteed and may change before you apply - speak to an adviser to confirm what's available to you today. For a per-product representative example, open Show full details on any card above.
What is a five-year fixed-rate mortgage?
A five-year fixed-rate mortgage is a type of mortgage agreement that allows you to lock yourself into a lower interest rate for a period of five years. During this timeframe, your mortgage rate cannot go up or down, even if the Bank of England’s base rate was to change.
When the initial rates period is over, the mortgage will revert onto the lender’s standard variable rate (SVR), which is usually higher. Borrowers can avoid this by either renewing their mortgage with their current lender in advance or remortgaging with another provider.
The main alternatives to these mortgages are longer or shorter fixes - with initial rates periods ranging between two and 10 years plus - or variable-rate mortgages, such as trackers.
Borrowers often choose five-year fixes during times of low interest rates, to take advantage of favourable market conditions while they last. They also prove popular when rates are forecast to rise over a long period, as they offer protection against this.
Options to consider when your fixed rate ends
Around six months before your initial rates period is due to expire, your lender is likely to contact you to encourage you to fix back in. This is just one of the options you will have at this point, and it pays to research in advance and be aware of the alternatives.
Your options when a five-year fixed-rate mortgage is up for renewal include:
Fix back in with your current lender
You could consider another fixed-rate mortgage with your existing mortgage provider, with the initial rates period of your choosing. Options typically range between two and five years, but your lender might be among those offering longer and shorter-term options too.
Change product type with your current lender
The main alternative would be to switch to a type of variable rate mortgage with your existing lender. It is worth noting what kind of deals they are offering on tracker mortgages or discount rate mortgages, if either of these product types fit your needs and circumstances.
Remortgage with a new lender
It is always a good idea to explore what kind of interest rates and deals are available across the whole of the market, whether you are looking to enter another fixed-rate mortgage or switch to variable arrangement. Remortgaging with a new lender could mean securing a lower interest rate or a mortgage agreement that is a better fit for your requirements.
Move onto your lender’s SVR
This should only ever be considered after taking professional advice, as SVR are usually expensive. It can, however, be an option if you are planning to pay off a substantial chunk of your mortgage before entering a new deal, or pay off all of your mortgage balance.
While you are fixed in, there is usually a cap on overpayments (typically 10% of the debt), and paying off your mortgage in full while locked in can mean paying an early repayment charge.
Unsure which option to choose? A mortgage broker can provide you with bespoke advice to help you decide. They also have access to the entire market, so if there is a better deal out there, you can rest assured that it will be on their radar.
How to compare rates and deals
You can compare fixed-rate mortgage deals using our live rates tool at the top of the page or through one of our brokers. Our service is the best way to get an overview of every deal you qualify for as we have access to the entire market and can offer bespoke advice about which product you should choose.
Once you have found a deal that fits your needs, one of our whole-of-market mortgage advisors will oversee your application for an agreement in principle to ensure it goes smoothly and quickly.
You can access bespoke advice from our expert mortgage advisers at any point in the process, and they always offer a free, no-obligation chat to kick things off - you can get started by choosing your preferred option below:
Find the best 5-year fixed rate mortgage deal
Buy-to-let mortgages
Five-year fixed-rate buy-to-let mortgages are readily available and the benefits of them are the same as they are for residential mortgages. The main difference is that interest rates can be higher, as can deposit requirements. You are unlikely to be approved with less than 15-25% deposit to put down, and to get the best interest rate, you might need more.
You can read more about buy-to-let mortgages in our complete guide to BTL mortgages
Interest-only mortgages
Some five-year fixed-rate mortgages can be taken out on an interest-only basis, rather than capital repayment. This means that you would only have to pay the interest each month, fixed at a set rate for the initial five years, and settle the mortgage debt at the end of the term.
To get approved for an interest-only mortgage, you will need to evidence a repayment vehicle to your lender as a means of settling the debt. This would normally be an investment, a pension lump sum, or proceeds from another property you own, among other options.
You can read more about interest-only mortgages in our complete guide.
Offset mortgages
Offset mortgages with a five-year fixed-rate are not widely available as the majority of lenders offer two-year fixes as their main offering for this type of mortgage. There are, however, a smaller number of mortgage providers who will let you fix in for five years.
Rates on offset mortgages can be slightly higher than standard residential, but if you have a substantial amount of savings to offset your mortgage against, they can be worthwhile.
Speaking to a broker is highly recommended if you are looking for a five-year fixed-rate offset mortgage, as they will be able to round up every lender currently offering them and help you secure the best deal. You can read more about offset mortgages in our complete guide.
Why choose Money Helpdesk for your mortgage needs?
You can get expert advice on 5-year fixed-rate mortgages and a free market comparison from one of our independent mortgage brokers.
Here are just some of the reasons why our customers choose us:
- We can compare 5-year fixed-rate deals for you in seconds
- Our brokers are whole-of-market
- We are five-star rated on leading review websites
- You can secure an agreement in principle in minutes
Ready to take advantage of a free, no-obligation chat with a broker who specialises in fixed-rate mortgages? Get started here.
FAQs
Yes. Five year fixed rate mortgages are very common. They’re available for both buy-to-let and residential mortgages. All lenders will have five year deals available.
If you have a sudden windfall, you may wish to clear your debts by paying off your mortgage. If you choose to pay back the mortgage earlier than planned, the lender will lose out on income they expected to generate in interest. Because of this, lenders apply an ERC to people who want to back out of a deal early.
The ERC is usually a percentage of either what you have left to pay on your loan, or of the initial loan amount. The percentage amount is typically between 1-5% and it can easily tot up to thousands of pounds.
Some lenders will allow you to overpay a specific percentage of your outstanding loan each year, for example, up to 10%. This overpayment would not be liable to an ERC.
You may wish to change lender for any number of reasons. Changing lender is effectively the same as paying off your loan early - your new lender pays back the loan to your current lender then agrees a fresh mortgage deal with you. You would likely need to pay an early repayment charge. It's important to calculate the overall cost when looking at any new deals.