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Correct at 31/03/2020

Apply for a 5 Year Fixed Rate Mortgage with L&C

If you’re looking for the security of a 5 year fixed rate mortgage, L&C can provide all the support and advice you need to find you the best deal.

You can compare the best 5 year deals on the market online and our Mortgage Finder will show you which deals you’re eligible for.

Once you’ve spoken to one of our mortgage experts and we’ve recommended the best 5 year fixed rate mortgage deal for your needs, you can apply either online or by phone, and we’ll be on hand to help you through the mortgage process from start to finish.

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Finding the Best 5 Year Fixed Rate Mortgage

With a 5 year fixed rate mortgage, as the name suggests, your interest rate is fixed for 5 years, giving you peace of mind that your mortgage payments won’t change during this period.

If interest rates rise during the 5 year fixed rate term, your payments will remain the same. However, if interest rates fall, your payments won’t change either, meaning you could miss out on a lower rate of interest if they drop during the 5 year term. But if you’re happy with the monthly payment amount that you fixed at and want that certainty every month, it could be a good option for you.

Fixed rate mortgages are available over a wide range of terms, including shorter 2 or 3 year fixes and longer term up to 10 years. Bear in mind that there will typically be an Early Repayment Charge (ERC) to pay if you leave a fixed rate deal early, so you must be sure that your circumstances won’t change for the duration of your fixed rate term. Many deals are portable, so if you move home, you may be able to take your mortgage with you, although you’ll need to meet your lender’s eligibility criteria at the time.

Finding the best 5 year fixed rate mortgage couldn’t be easier with L&C. Get started with our online Mortgage Finder and see which deals you’re eligible for. Our mortgage experts will compare them for you to make sure you get the best deal available.

Once you’ve applied through us, you’ll be assigned a dedicated case manager to give you all the support you need. They’ll do the legwork on your behalf, tracking and chasing your application with the lender, saving you the time and hassle of doing it yourself.

5 year fixed rate mortgage FAQs

Should I get a 5 year fixed rate mortgage?

If you want to be certain that your mortgage payments won’t change if interest rates rise in the next few years, a 5 year fixed rate mortgage could be worth considering. Find out more in our guide ’What is a fixed rate mortgage and how do they work?’

Are 5 year fixed rate mortgages a good idea?

Many people like the peace of mind that a 5 year fixed rate mortgage can provide, as it means their payments are guaranteed to stay the same for the term of the initial deal. Remember though that there will typically be an Early Repayment Charge (ERC) to pay if you leave your mortgage deal during the fixed rate period.

What’s a good 5 year fixed mortgage rate?

At L&C, we can help you find the best 5 year fixed mortgage as we compare hundreds of different deals from a wide range of lenders. Check out our mortgage best buys to see the best deals currently available and talk to us or start filling in your information online to see if you’re eligible.

Are 5 year fixed rate mortgages cheaper?

The longer the fixed rate mortgage term you choose, the more expensive your mortgage payments are likely to be. This means 5 year fixed rate mortgages are typically cheaper than mortgages fixed for 10 years, but will usually cost more than 2 year fixed rates. However, the longer the fixed rate period, the longer you will have certainty over your mortgage payments.