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Mortgage DetailsInterest Only
  • Increasingly hard to get (more risky for the bank)
  • Only pay the interest due on your mortgage
  • Original loan amount left to pay end of the term

  • Most common type of mortgage
  • Pay off capital as well as interest
  • Nothing left to pay at end of the term

Searching: 5 Year Fixed

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Initial PeriodThe length of time that you have to pay the initial rate.

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Five Year Fixed Rate

In a world of fluctuating interest rates are you looking for a reliable repayment plan? A fixed rate mortgage can fix the amount of interest you pay, for years to come.

But with such security comes a price and fixed rate mortgages can end up being slightly more expensive than a variable rate equivalent. So first, you’ll have to make sure a fix is definitely right for you.

What is a Fixed-Rate Mortgage?

A five year fixed-rate is simply a mortgage where the interest rate stays the same for five years. They offer static payments and protection from interest rate rises, but are slightly more expensive than variable rate mortgages.

Is a Five Year Fixed-Rate Right for Me?

If you are on a tight budget and/or don’t want to worry about the threat of rising interest rates a five-year fixed mortgage might be for you. They offer the security of knowing exactly what you’ll pay each month.

But you’ll pay a premium for this. Fixed rate mortgages carry slightly higher interest rates than tracker mortgages. So, if you are convinced interest rates won’t rise to an unaffordable level a tracker mortgage may be a cheaper option.

A five-year fix is one of the longer fixed-rate deals on the market, so only go with one if you believe that interest rates are likely to rise in the next five years, and you wouldn’t be able to afford larger mortgage repayments.

Use our mortgage rate index to get the very latest rate predictions to help you make an informed decision.

The Pros and Cons of Fixing


  • Security. If the base rate rises, your interest rate, and your payments, won’t follow it.
  • Forward planning. Knowing exactly what you’ll pay every month for five years, allows you to budget better.
  • Savings. If rates go up you could end up repaying a lot less than someone on a variable rate mortgage.


  • Expensive. A five year fix will tend to have a higher interest rate than variable rate mortgages, as you pay a premium for locking in an interest rate.
  • No chance of falling payments. A five-year fix will protect you in case interest rates rise, but you may end up paying over the odds if rates fall.
  • Locked in. If you want to remortgage or move before your five years are up you’ll have to pay to get out of your mortgage deal.
  • Admin fees. The lowest rate fixes usually come with higher arrangement or mortgage set up fees.

Think carefully before securing any debts against your home. Your home may be repossessed if you do not keep up repayments on your homeowner loan or mortgage.

After comparing mortgages, customers are referred to our broker partner, London & Country (L&C). They will never charge a fee for their services. But, the lender you choose may charge a fee if you continue your mortgage application through L&C. Always read the terms.

We're on a mission to help everyone move their finances forward and gain financial momentum.

TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

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