Navigating the UK mortgage market can be overwhelming, especially given the plethora of products on offer. For those who prioritise stable monthly payments and long-term financial planning, a 5-year fixed-rate mortgage is often the go-to choice. This guide will offer insights into what you should consider when looking for the best five-year fixed mortgage deals in the UK, from average rates to remortgage options and more. If you are interested in knowing about 5-year fixed mortgage rates from different lenders, we would suggest you contact a mortgage broker who has the updated details.

Damian Youell

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How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us

What is a 5-Year Fixed-Rate Mortgage?

In a 5-year fixed-rate mortgage, the mortgage interest rates remain constant for a fixed-rate period of five years, regardless of market fluctuations. This offers the benefit of predictable monthly mortgage payments, allowing for better budgeting and financial planning over that period of time.

How Does it Compare to Other Types?

Variable Rate Mortgages

In variable-rate mortgages, the interest rate can change month to month based on the Bank of England’s rate or other indexes, which can be stressful for some borrowers.

Tracker Mortgages

Tracker mortgages follow a similar vein to variable mortgages but usually track the Bank of England’s Bank Rate on a non-advised basis.

Two-Year Fixed Deal

Two-year fixed deals are also popular but offer less stability than five-year fixes, often coming with higher monthly costs after the initial rates end.

Ten-Year Fixed-Rate Mortgage

On the other end of the spectrum are long-term fixed-rate mortgages, like ten-year fixed-rate mortgage plans, that offer a decade-long period of financial stability but lack flexibility.

Key Factors to Consider

Credit Score

Your credit history  plays a vital role in determining your mortgage application’s success. Lenders usually have strict criteria and use credit applications and credit files to assess your reliability.

Mortgage Lenders and Brokers

A mortgage broker can provide a range of deals from a panel of lenders, including specialist lenders for those with adverse credit or complex financial circumstances. Mortgage lenders like Nationwide Building Society, Lloyds Bank, and Barclays often feature prominently in mortgage tables.


Mortgage costs include the mortgage fee, product fee, and other administrative costs that can add up to thousands of pounds over the mortgage term. Some providers may offer fee-free mortgage broker advice or even fee-free remortgage options.

House Prices

The property purchase price and house prices in the area you’re interested in will affect the mortgage balance you’ll need.

Remortgage Options

If you are on a current mortgage deal and looking for a cheaper deal or suitable deal based on your needs, remortgage options can be beneficial. Always consult with mortgage experts for this.

Personal Criteria

Depending on your personal circumstances, you may qualify for specific mortgage products, such as buy-to-let mortgages or green mortgage deals.

Finding the Best Rates

Cheapest Rate

At the time of writing, some of the lowest rates for five-year fixed-rate mortgages can be found with lenders such as Newbury Building Society, Leeds Building Society, and Nationwide Building Society.

Comparison Sites

Mortgage comparison tools and comparison sites are excellent places to start. The Mortgage Advice Bureau offers an advanced mortgage tool that can match you with suitable products based on your personal details.

Expert Advice

For those with more complicated cases or a bad credit rating, seeking expert advice from an independent mortgage broker is advisable.

Customer Feedback and Reviews

Checking customer experience scores and customer feedback can provide valuable insights into the reliability and consumer protection offered by the mortgage provider.

Additional Tools and Resources

Mortgage Calculators

Online tools like mortgage repayment calculators can help you figure out your monthly repayments based on different interest rates.

Decision in Principle

A decision in principle gives you an estimate from the lender of how much you can borrow, increasing your credibility with sellers.

Special Promotions

Some lenders offer special promotions for first-time buyers? First-time buyers can sometimes access exclusive rates, especially if they meet eligibility criteria.


Choosing a five-year fixed rate mortgage is an excellent option for those who seek long-term stability in their financial planning. With this mortgage type, you can lock in a competitive interest rate and enjoy predictable monthly payments for an extended period. Whether you’re a first-time homebuyer or looking to remortgage, understanding the market and making informed decisions will help you secure the most suitable and cheapest mortgage rates for your needs.

Always remember, the ‘cost for comparison,’ the average cost, rate costs, and any annual percentage charge rate must be considered along with the interest rate. A mortgage is a long-term commitment that will affect your finances for years to come, so take your time to explore all mortgage options available to you.

Damian Youell

Feel Free To Start WhatsApp Chat With Us...

How We Work

1: We contact you and take down your details, income outgoings, name, address etc.

2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.

3: You upload the documents and information needed via our channel our online portal.

Feel Free to Contact Us

FAQs – Best UK Mortgage Rates 5-year Fixed

What is a 5-year fixed-rate mortgage?

A 5-year fixed-rate mortgage keeps your interest rate constant for five years, offering predictable monthly payments and helping you with long-term financial planning.

How does a 5-year fixed-rate mortgage differ from other types?

Unlike variable or tracker mortgages, where the interest rate can change, a 5-year fixed-rate mortgage maintains a stable interest rate for five years. It offers more predictability than a 2-year fixed deal but less flexibility than a 10-year fixed-rate mortgage.

What role does my credit score play in getting a 5-year fixed-rate mortgage?

Your credit history is crucial as it helps lenders assess your reliability. A good credit score increases your chances of mortgage approval and may secure you better rates.

Are there additional costs involved in a 5-year fixed-rate mortgage?

Yes, besides the mortgage itself, you’ll encounter other costs like mortgage fees, product fees, and administrative charges. These can add up to thousands of pounds over the mortgage term.

What are remortgage options?

If you’re already on a mortgage and looking for a better deal, remortgaging is an option. It allows you to switch to a different plan that might be more economical or better suited to your current needs.

About The Author

mortgage broker damian youell

See some of Damian’s client reviews below

Damian is an experienced mortgage broker, founder of Ltd and company director. With over a decade working as a mortgage broker he has a strong understanding of hard to place mortgage cases. With hundreds of 5 star client reviews. hundreds of repeat clients his work speaks for himself.

He started as a one man band with the philosophy of putting clients needs ahead of his own. This ethos of offering excellent customer service has helped the business grow over the years. He gets satisfaction on getting cases pushed through to offer stage where other mortgage broker and companies have failed.

Throughout his time as an adviser he has carved out a niche area of advice helping clients with their business protection requirements too. Having helped hundreds of client with Relevant Life Policies, Shareholder Protection Insurance, Keyperson Policies and other important protection requirements of large to small businesses.

At home he is a family man and likes to spend his time with his four children and wife Lisa. He enjoys going on holidays spending time with friends and going for walks.