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5 Year Fixed Rate Mortgages

Market Leading 5 Year Fixed Rate Mortgages

I Want To Remortgage I Want To Buy

5 year fixed rate mortgages

    • 4.09% Initial
    • 5 year fixed
    • 6.8% APRC
    • Cashback £0
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.15% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
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    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.18% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
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    • 4.19% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.19% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
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    • 4.19% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

5 Year Fixed Rate Mortgages

Finding the right mortgage deal to suit your needs can be a challenge. 5-year fixed rate mortgages are one possibility that you might be considering. However, to make the right decision about whether this kind of mortgage could be right for you, you need to know a bit more about this type of product. Here, you'll find more information to assist you in making a well-informed decision.

What Are Five Year Fixed Rate Mortgages?

Five-year fixed-rate mortgages are loans that give you one rate of interest over a five-year period, regardless of any changes in the Bank of England interest rate. At the end of that five-year period, the mortgage then typically transfers onto the standard variable rate (or SVR) of the lender which is generally higher than the fixed rate. Alternatively, you could switch to another provider or deal.

What Benefits Come With A 5-Year Fixed-Rate Mortgage?

Fixing your mortgage's interest rate for a five-year period gives you give years of security where you can be confident that there'll be no increase in your monthly mortgage payment. It's far easier to budget as you'll know exactly how much you'll pay every month.

A five-year product means you don't need to look for new providers or products too frequently, something that can happen every one or two years if you opt for a short fixed-term period.

Are There Drawbacks Of Five-Year Fixed Mortgages?

As your rate of interest will be fixed for a full five years, this could leave you at a disadvantage should the interest rate go down. You'll be stuck for the entire five-year period paying the higher rate and that means you'll probably end up having to pay more overall than you'd have been paying if you'd taken out a different product such a tracker mortgage which has repayments that fall and rise along with the base rate.

If you decide you want to change your mortgage partway through its five-year term, you'll almost always have to pay a penalty in the form of an early repayment charge. This can be extremely high, so it's imperative to only take out a long fixed-term mortgage if you know you'll be staying with that product for the entire duration, or if the mortgage is a "portable" product that can be taken with you should you move house partway through the term.

How Can I Find The Right 5-Year Fixed Mortgage For Me?

Some things to consider when choosing between different 5-year fixed-rate mortgage products include:

The Interest Rate

Finding the lowest possible interest rate means you'll pay less each month and over the lifetime of the mortgage.

Charges And Fees

Most mortgage lenders charge fees if you want to leave the mortgage early by paying it off in full, remortgaging, or moving house. There can be arrangement fees to take into account too. You must calculate the entire cost, not only the rate but the fees as well, so you can see clearly which deal is the best one for you.

Deposit

Most lenders require you to have a deposit of at least 10%, but there are a growing number of lenders who are now offering 95% mortgages, meaning you only need to find a 5% deposit. You'll need to make sure that your chosen lender will accept the amount of deposit you have available.

What Information Must I Provide To Apply For a 5-Year Fixed Rate Mortgage?

There are some key pieces of paperwork you're going to need to apply for any 5-year fixed rate mortgage. You'll require:

  • Proof of your address and name, usually a passport or driving licence together with utility bills.
  • Bank statements for up to 6 months before the date of application (or alternatively up to 3 years of financial accounts for self-employed applicants).
  • 3 months of payslips.
  • A P60 or SA302 tax form for self-employed applicants.
  • Proof of your deposit.
  • Proof of benefits.

Are There Alternatives To A 5-Year Fixed Rate Mortgage?

If a five-year fixed-rate mortgage isn't right for you, you can apply for a different product. Some options include:

  • 2 year fixed-rate mortgages.
  • 10 year fixed-rate mortgages
  • Tracker mortgages
  • Discount mortgages

If you aren't sure which product is right for you, it's wise to take independent mortgage advice from a professional who can give you information and guidance to meet your needs.

Why do people Choose a 5 year fixed mortgage?

The main reason is to keep monthly costs to a minimum. 

1. Has your initial mortgage deal come to an end?

By switching to a better deal with a different mortgage provider, a 5 year fixed rate mortgage could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments. If your current mortgage deal has come to an end, you may find a new 5 year fixed rate gives you a lower monthly repayment than you were paying previously.

2. Are you looking to raise money?

By remortgaging you may be able to releasing equity in your home.

People often remortgage to provide money for:

  • Home improvements
  • New Kitchen
  • New En-suite bathroom
  • Consolidate other existing debts.

Remortgaging can be a good low cost way of paying for your new home project.

Independent Advice

If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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