With interest rates shifting frequently in the UK, a 5-year fixed mortgage gives you financial predictability over the medium term.

This type of mortgage keeps your interest rate locked for five years, meaning your monthly repayments won’t change during that period. It offers peace of mind to those looking to budget confidently, especially in today’s uncertain housing market.

In this guide, you’ll find a clear explanation of 5-year fixed rate mortgages and a comparison of the top 10 UK lenders offering them.

What Is a 5-Year Fixed Rate Mortgage and How Does It Work?

A 5-year fixed rate mortgage is a home loan where the interest rate remains the same for the first five years of the loan term. This means your monthly repayments will stay consistent, regardless of changes to the Bank of England base rate or the wider market.

It’s particularly popular among borrowers who value predictable payments and want to avoid financial surprises.

During the fixed term, you’re shielded from rising interest rates, but you also won’t benefit if rates fall. Most 5-year fixed deals include an early repayment charge (ERC) if you switch or repay your mortgage before the fixed term ends.

After the five years, the mortgage typically reverts to the lender’s standard variable rate unless you remortgage or negotiate a new deal. According to industry experts, many borrowers consider the 5-year fix the “sweet spot” between short-term flexibility and long-term commitment.

Why Choose a 5-Year Fixed Mortgage Over Other Terms?

Choosing a 5-year fixed mortgage provides a solid middle ground between short-term flexibility and long-term predictability.

Unlike 2-year deals, which may require more frequent remortgaging, a 5-year term reduces the administrative burden and protects against short-term market volatility. It’s also less of a commitment than a 10-year deal, offering more adaptability if your circumstances change.

Key benefits include:

• Predictable monthly payments for budgeting
• Protection from interest rate increases
• Reduced need for frequent remortgaging
• Suitable for stable employment or long-term home ownership

Compared to variable rate or tracker mortgages, fixed-rate products help you avoid surprise rate hikes, which is especially valuable in high-inflation environments.

However, they may not be ideal if you’re planning to move or repay your mortgage early, due to potential early repayment charges. Understanding your financial goals and lifestyle plans is essential before choosing this mortgage term.

What Factors Affect the Best 5-Year Fixed Mortgage Rates?

Several key elements influence the rates offered on 5-year fixed mortgage products in the UK. Understanding these can help you position yourself for the best possible deal.

One of the primary factors is your Loan-to-Value (LTV) ratio, which compares the amount you borrow to the value of your property. A lower LTV generally results in better rates.

Other critical influences include your credit score, income stability, and the current Bank of England base rate, which affects how lenders set their mortgage rates. Lenders also consider employment status, existing debts, and the type of property being purchased or remortgaged.

Here’s a quick overview:

Factor	Impact on Rate
Loan-to-Value (LTV)	Lower LTV = Lower interest rate
Credit Score	Higher score = Better offers
Income & Employment Status	Stable income = Lower risk
Bank of England Base Rate	Higher base rate = Higher mortgage rates
Property Type	New builds or flats may affect rates

Rates may also be affected by inflation forecasts and global economic trends. For instance, even if the base rate holds steady, inflation pressure can lead lenders to raise rates proactively.

How to Find the Best 5-Year Fixed Mortgage Deals in the UK?

Navigating the UK mortgage market can be complex, but the right strategies can simplify the search for the best 5-year fixed rate deals.

Start by determining your financial position. Check your credit score, estimate your deposit, and use a mortgage calculator to assess affordability. Then, compare deals online and consider contacting a mortgage broker for personalised advice.

Key steps to follow:

• Review your credit file and correct errors
• Use mortgage comparison tools to filter by LTV and term
• Check total cost including product fees
• Consider incentives like cashback or free valuations
• Seek advice from whole-of-market brokers for broader options
• Time your application around base rate announcements

Timing can be crucial. For example, mortgage rates often rise just before a Bank of England announcement, so acting early may secure better terms.

Top 10 Best 5-Year Fixed Mortgage Rates

In a competitive mortgage landscape, choosing the right lender for a 5-year fixed rate deal means weighing up more than just interest rates. Factors such as flexibility, fees, incentives, and maximum loan-to-value (LTV) ratios all play a role.

Here’s a breakdown of the top 10 lenders in the UK offering standout 5-year fixed mortgage options, tailored to a range of borrower needs based on the latest available data.

1. Barclays

Barclays offers a diverse range of 5-year fixed rate mortgages tailored for various borrower types, including first-time buyers, home movers, and those remortgaging. With competitive fixed rates and a selection of both fee-free and low-fee options, they appeal to those looking for long-term payment stability.

Borrowers can access up to 95% Loan-to-Value (LTV) depending on the property and personal circumstances. A key benefit is Barclays’ “Green Home Mortgage,” which rewards energy-efficient properties with better rates.

Their online mortgage tools and affordability calculators are user-friendly, making it easier to assess eligibility and monthly repayments. Barclays also offers features like overpayment allowances of up to 10% annually without penalties.

Their overall customer service experience is rated positively in various reviews, with added flexibility in mortgage term customisation and support from in-branch and digital advisers.

2. NatWest

NatWest has positioned itself as a strong player in the fixed mortgage market, particularly for first-time buyers and existing homeowners. Their 5-year fixed rate mortgage range includes options with and without product fees, offering flexibility based on borrower preferences.

They provide up to 95% LTV for qualifying applicants, which is especially beneficial for those with lower deposits. Their mortgage offers frequently come with cashback incentives, making them appealing for covering upfront costs.

NatWest Mortgage also promotes energy efficiency with “Green Mortgages” offering better rates on EPC-rated A or B properties. Their “Agreement in Principle” tool is quick and requires no impact on your credit file.

Borrowers benefit from options such as free standard valuation and legal fees for remortgages. The lender’s consistent inclusion in best-buy tables demonstrates its reliability and competitive pricing in the market.

3. Nationwide

Nationwide offers some of the most flexible and competitive 5-year fixed rate mortgage deals, catering to a wide spectrum of customers including first-time buyers, home movers, and those remortgaging.

With maximum LTVs up to 95%, they are especially attractive to low-deposit borrowers. They also provide “Member Exclusive” deals for existing account holders, further enhancing the value of banking with them.

Notable benefits include free standard valuations and cashback on certain products. For remortgaging, Nationwide covers standard legal fees, which can ease upfront costs. The building society also stands out for its customer service and long-standing reputation in the UK mortgage market.

They offer overpayment flexibility and allow porting of mortgages under certain conditions, useful for homeowners planning a future move. Their product transparency and low fees are consistently highlighted in financial comparison tools.

4. Halifax

Halifax provides a comprehensive portfolio of 5-year fixed rate mortgages, catering to a variety of borrowers, including those looking for large loans or high LTV options. With offers up to 95% LTV, they are a popular choice among first-time buyers.

Their rates are typically competitive, and many products come with no product fee or offer cashback on completion.

Halifax offers a “Homebuyer Cashback” incentive on selected deals, and remortgagers benefit from free standard legal work and valuations. Borrowers can make overpayments of up to 10% of the outstanding mortgage balance annually without incurring a penalty.

Halifax also provides excellent online tools to support affordability checks and monthly repayment calculations. Their flexible repayment plans and responsive support channels help simplify the mortgage journey, especially for buyers entering the market for the first time.

5. HSBC

HSBC remains one of the most competitive lenders for 5-year fixed rate mortgage deals, often appearing at the top of comparison tables for both low and high LTV options.

Their deals cater to first-time buyers, home movers, and remortgagers, and many include attractive low product fees or no fees at all. HSBC also offers higher LTVs up to 95%, though their best rates are typically reserved for lower-risk applicants.

The bank is well known for quick application processes and online mortgage tracking tools. HSBC allows overpayments and offers “portability” if you move house during the fixed term.

Their fixed rates frequently lead the market, especially during interest rate volatility, making them an attractive option for rate security. Customer reviews often praise HSBC for their consistent service and straightforward application process, even for complex cases.

6. Santander

Santander is a strong contender in the 5-year fixed mortgage market, with products designed for affordability and flexibility. Their deals commonly feature cashback, free valuations, and standard legal services, especially for remortgages. They also provide up to 95% LTV, making them suitable for both new and existing homeowners.

Santander’s standout feature is their “Track Record Mortgage” scheme, allowing renters with consistent payments to qualify with smaller deposits. Their online tools are robust, including a budget planner, affordability checker, and document upload system to streamline applications.

Santander’s fixed rate products often include the ability to make overpayments without penalties up to 10% annually. With a variety of options to suit different borrower profiles, they are regularly featured in UK mortgage best-buy lists.

7. TSB

TSB offers a straightforward and affordable range of 5-year fixed mortgages, aimed at simplicity and customer value. Their products often feature low product fees or none at all and include standard incentives like free valuations or legal fees on remortgage deals. TSB typically allows up to 90–95% LTV, catering to both first-time buyers and existing homeowners.

Their online mortgage portal is simple to navigate, providing tools for monthly repayment forecasting and agreement-in-principle generation. Overpayments of up to 10% annually are permitted, giving borrowers a measure of repayment flexibility.

TSB’s customer service is well-rated, with a strong branch presence and digital support. These mortgages are particularly attractive for those seeking consistent payments and no-frills lending without unexpected surprises.

8. Virgin Money

Virgin Money’s 5-year fixed mortgages offer flexibility, innovation, and competitive rates. They cater to a broad customer base, including first-time buyers, buy-to-let investors, and those remortgaging. Some products offer incentives such as cashback and free valuation, along with flexible repayment terms.

A unique feature of Virgin’s offering is its “Flexible Mortgage” which allows overpayments, underpayments, and payment holidays depending on terms. They often support up to 90–95% LTV, and offer a streamlined online application and document submission platform.

Virgin Money consistently updates its deals to reflect market movements, ensuring borrowers get competitive and timely offers. Their customer-first approach and flexible product suite make them a favourite for tech-savvy and financially forward-thinking applicants.

9. First Direct

First Direct is known for its digital-first, customer-focused approach and consistently low 5-year fixed mortgage rates. Their products are especially popular among applicants with clean credit and solid income, offering low fees or fee-free options.

LTV options go up to 90%, and overpayments are allowed up to 10% of the outstanding balance annually.

Their digital mortgage application process is highly praised for speed and transparency. Borrowers can obtain an Agreement in Principle within minutes and track their applications via a dedicated dashboard.

First Direct does not currently offer in-branch services, which may be a downside for some, but their telephone support and online systems are efficient. They’re particularly suited for those who value speed, simplicity, and competitive pricing in their mortgage experience.

10. Lloyds Bank

Lloyds Bank offers a well-rounded suite of 5-year fixed rate mortgages tailored to various customer needs. They support up to 95% LTV and provide options with or without fees. Lloyds is also known for offering preferential rates to current account holders and Club Lloyds members.

Their mortgage deals may include incentives such as cashback and free valuations. Lloyds also enables overpayments and early repayment options within set limits.

With a wide branch network and user-friendly online tools, Lloyds caters well to borrowers who value both digital and in-person support. Their transparent terms and easy-to-understand products make them an ideal choice for buyers looking for long-term stability.

Compare the Top 10 UK Lenders Offering 5-Year Fixed Mortgage Rates

Conclusion

A 5-year fixed mortgage can offer the perfect balance of rate stability and flexibility for many UK homeowners. By locking in your interest rate for five years, you gain peace of mind against market fluctuations and make budgeting easier.

With the right research, comparison, and advice, you can secure a deal that fits your needs. Be proactive, use tools wisely, and review offers regularly to stay ahead of market changes and protect your investment.

Frequently Asked Questions

How early can you lock in a 5-year fixed mortgage deal?

Most lenders allow you to lock in a fixed rate mortgage up to six months before completion. This helps you secure a rate before potential increases.

Can you switch a 5-year fixed mortgage before the term ends?

Yes, you can switch but you may have to pay an early repayment charge. This cost varies by lender and product terms.

What happens after the 5-year fixed rate ends?

The mortgage typically reverts to the lender’s standard variable rate. You can choose to remortgage or negotiate a new fixed term.

Are 5-year fixed mortgages good for first-time buyers?

Yes, they offer predictable monthly payments which help with budgeting. It’s especially helpful when managing new financial responsibilities.

Do overpayments affect the fixed rate terms?

Many lenders allow limited overpayments without penalty. Always check if your product includes any early repayment limits.

How often do lenders update their mortgage rates?

Mortgage rates are usually updated weekly or in response to base rate changes. Market conditions can also influence rate reviews.

Is a longer fixed mortgage always better in uncertain markets?

Not always, as it depends on your future plans and financial stability. A longer fix offers security but reduces flexibility.