Cashback Remortgages · Mortgage rates
5-Year Fixed Mortgages Explained
A 5-year fixed mortgage locks your rate for five years, giving longer certainty and fewer switches. The trade-off is a longer commitment with early repayment charges.
When a 5-year fix suits
A longer fix appeals if you value budgeting certainty and want to avoid re-fixing costs for several years. It can also suit if you expect rates to rise or stay high.
Some lenders' affordability tests are more generous on longer fixes.
The trade-off
A longer fix has a longer early repayment charge period, which can be costly if you need to leave early — for example if you move and cannot port. Consider how settled your plans are.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.