First time buyers
Five-year fixed-rate mortgages can be appealing for first-time buyers who want peace of mind. Knowing your repayments will stay the same for five years can make it easier to budget and plan during the early stages of homeownership.
Best 5 year fixed-rate mortgages
All you need to know about five year fixed-term mortgages
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Our best 5 year fixed rate mortgages
Take a look below at our best 5 year fixed rate mortgages, ordered by lowest monthly payment. The mortgage deals below assume a property value of £300,000 with a £50,000 deposit, borrowed over 25 years
Accurate as of 16/10/2025
Barclays
5 year fixed
Representative example: a repayment mortgage amount of £250,000 over 25 years, representative APRC 5.3%. Total amount payable £455,258.02 includes interest of £204,244.02 product fees of £899 and other fees of £115. Repayments: 62 months of £1,336.21 at 4.12% (fixed), then 238 months of £1,560.50 at 5.99% (variable). Early repayment charges apply.
Great for
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Free valuations
Club Lloyds current account holders only
Lloyds
5 year fixed
Representative example: a repayment mortgage amount of £250,000 over 25 years, representative APRC 6.2%. Total amount payable £500,214.36 includes interest of £249,115.36 product fees of £999 and other fees of £100. Repayments: 64 months of £1,340.39 at 4.15% (fixed), then 236 months of £1,751.40 at 7.49% (variable). Early repayment charges apply.
Great for
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£250 cashback
The Cumberland
5 year fixed
Representative example: a repayment mortgage amount of £250,000 over 25 years, representative APRC 6.1%. Total amount payable £495,147.92 includes interest of £244,018.92 product fees of £999 and other fees of £130. Repayments: 61 months of £1,344.57 at 4.18% (fixed), then 239 months of £1,723.85 at 7.24% (variable). Early repayment charges apply.
Great for
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Free valuations
What is a 5 year fixed-rate mortgage?
A five-year fixed-rate mortgage maintains the same interest rate for the first 5 years of your full mortgage term, regardless of changes to the base rate
As you near the end of your five-year period, you should generally be able to take out a new fixed-rate or variable-rate deal without being charged. If you don’t act you’ll be moved onto your lender’s standard variable rate (SVR), which can be higher than that of a fixed-rate mortgage.
If you're concerned about interest rates rising in the future, then fixing your mortgage rate provides peace of mind that you can still afford your mortgage even if rates start rising. If you're on your lender's standard variable rate, transferring your mortgage with your current provider or remortgaging with a new lender on a fixed rate deal will probably save you money.
What types of mortgages can I get on a five-year fixed rate?
A five-year fixed-rate mortgage offers longer-term certainty, making it a popular choice for borrowers who want predictable repayments and protection from interest rate changes.
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Buy-to-let
For buy-to-let investors, a five-year fixed rate can provide stability and help protect rental profitability. While these deals often require a larger deposit than shorter-term fixes, they offer reassurance against rate rises over a longer period.
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Remortgaging
If you’re remortgaging, a five-year fixed rate can be a sensible option if you value certainty. Locking in a rate for longer can help shield you from future increases and reduce the need to regularly review or switch your mortgage.
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Home movers
Homeowners planning to stay put may find a five-year fixed-rate mortgage particularly suitable. It offers long-term repayment stability, though it’s worth considering early repayment charges
^ if you plan to move or change your mortgage before the fixed term ends.
What are the pros and cons of a five-year fixed-rate mortgage?
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Pros:
Your monthly repayments won't change for five years, making budgeting easier.
Even if mortgage rates rise, your payments will remain the same for the duration of your fix.
You won't need to remortgage as often compared with shorter fixes, saving you time, money, and effort.
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Cons:
If mortgage rates come down, you may miss out on cheaper deals.
If your circumstances change, or you want to move, switching mortgages will incur early repayment fees.
5 year fixes often have higher mortgage rates compared with 2 year fixes.
What happens at the end of a five-year fixed term?
When you come to the end of a five-year fixed term mortgage, you have a number of options. You can allow your deal to expire and move onto a SVR product – but this will be subject to changes in the base rate
Alternatively, you can take out a fixed-term deal with your existing provider, which tends not to require an affordability assessment, unless you want to borrow more money. This may seem easier, but you may not get the best deal.
The smartest approach is to research the market well in advance of your deal ending. By searching for mortgage deals and engaging the services of a mortgage broker, you should be able to land a better value deal than if switching to an SVR or staying with your current lender.
Our expert says…
Should I get a 5 year fixed rate mortgage?
It looks like we are in the middle of a period of limited wage growth, that combined with frozen tax bands means income in real terms is likely to be squeezed. If you know you can afford the payments now and like the certainty of knowing it is manageable you might not want the risk that changing interest rates bring. A 5 year fix can stabilise housing your housing costs at a time when while your personal budget is under pressure.
Ashton Berkhauer Home & Utilities Expert
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When is a good time to get a five-year fixed-rate mortgage?
Although it may not seem like a very long time, many things can change in the space of five years. You could find a new job, start a family, and move to a different city.
A five-year fixed-rate mortgage could be a valid option if you have no plans or reason to move house in that five-year period. What’s more, if interest rates are low or are slowly starting to rise, it may be the right moment to lock in a long-term fixed deal. Instead, if rates are gradually falling, a mortgage without a fixed term could be a better solution.
MoneySuperMarket is always here to help you identify the best option for your needs. If you’re on the hunt for a long-term option that gives you peace of mind, we’ll scour the market to find the best mortgage rates for five-year fixed deals.
What is the average five-year fixed-rate mortgage?
In truth, there isn’t an average five-year fixed-rate mortgage, simply because there are many factors – other than interest rates – to take into account.
In fact, on top of your mortgage rate, you’ll have to pay different fees and charges. When you add them up to your fixed-rate deal, you may find that the ones with the lowest interest rates aren’t necessarily the most convenient.
What’s more, there is no guarantee that you’ll be offered the ‘favourable’ rate advertised by the lender. This is because lenders are only required to provide it to 51% of their mortgage applicants. So the rate you will receive can well be higher (or lower) depending on your personal situation and on the house you’re buying.
How much deposit do I need for a five-year fixed-rate mortgage?
There is no definite answer to this, as it depends entirely on your lender and your personal circumstances.
To get any type of mortgage, you usually need to pay a deposit that amounts to at least 5% of the property’s full value. So, if the house you’re purchasing is valued at £200,000, you’ll need to put down a £10,000 deposit and take out a mortgage for £190,000.
But whether you opt for a fixed-term or variable-rate mortgage, a larger deposit will always open the doors to better deals. The higher the deposit, the lower the deal and interest rates you’ll be offered. This is because lenders tend to view people who can afford a bigger deposit as more reliable, as they’re more likely to financially be able to respect their repayments.
That said, there are scenarios in which you can get a mortgage without an initial deposit. This is known as a 'guarantor mortgage', which means you can borrow 100% of the property’s value if you name a family member or friend who will act as security for the loan.
Will my loan-to-value ratio impact my five-year fixed-rate mortgage?
In basic terms, a loan-to-value ratio (LTV) indicates the percentage of the property’s price that will be covered by your mortgage. So if the property purchase price is £300,000 and you have a 10% deposit (£30,000), you’ll need to get a mortgage of £270,000. This means that the LTV of the mortgage is 90%.
As with all mortgage options, LTV can have an impact on your fixed-rate deal. The higher your LTV, the higher your interest rate, meaning that your monthly repayments will be more expensive.
Can I get a five-year fixed-rate mortgage if I’m self-employed?
Self-employed people may sometimes find it more challenging to get a mortgage. This is because they don’t take home a fixed, secure annual salary. But that said, as a self-employed you should still have access to the same mortgage deals as everyone else, including a five-year fixed-rate plan.
However, you’ll usually need to have been in the trade for about three years before you apply for a mortgage. What’s more, lenders will ask to see two to three years’ worth of accounts to make sure you’ll have funds to repay the loan.
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Reviewed on 21 Jan 2026 by
An early repayment charge (ERC) is a fee for ending a mortgage deal before the term ends. Typical ERCs range between 1% and 5% of the remaining loan amount if you want to end it early.
ERCs often also apply if you attempt to pay back more than 10% of the outstanding loan amount in a single year.
Find out more in the MoneySavingExpert guide to early repayment charges.
The base rate or 'Bank Rate' is the official interest rate set by the Bank of England that guides commercial lenders and banks.
The base rate is currently 3.75%.
