Five year fixed-rate remortgages

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What are five year fixed-rate remortgages?

Fixed-rate remortgages give homeowners the security of avoiding any potential rises in interest rates and there are many lenders out there offering good remortgage rates. If you think a five-year fixed-rate remortage is right for you, you can check your eligibility and apply via this page using our partners at Mojo, who offer a fee-free online mortgage broker service.

Why remortgage on a five year fixed-rate?

You may feel that the mortgage you are currently on isn’t right for you or that you are coming to the end of your current fixed term and are looking for a new fixed-rate offer to avoid switching to variable rate monthly payments? Regardless of why you want to make the move, remortgages are available from most UK mortgage lenders for those looking to make the switch.

A five-year fixed-rate remortgage would see your monthly payments secured against any fluctuations in the interest rates and the Bank of England’s changes to the base rate.

What are the advantages of a five-year fixed-rate mortgage?

There are plenty of reasons for people to switch from their current mortgage. When your current fixed-rate mortgage plan comes to an end you are automatically switched by your lender to their variable rate, meaning you may be paying considerably more than you used to be each month, by sourcing a five year fixed-rate remortgage you can help secure your monthly fees for another five years.

You may also want to switch if you are currently on a high-interest rate and have found a better offer elsewhere or you may have found a lender that lets you make higher over-payments than your current provider.

Remortaging can also help you release equity from your property in order to pay for renovations or to pay off other debts.

What are the disadvantages of a five year fixed-rate remortgage?

It is important that homeowners carefully consider their decision before committing to a five-year remortgage deal. Whilst it isn’t impossible to switch provider during a fixed period, some lenders may charge a hefty early release charge (ERC) to release you from your contract, even if you want to move to a deal with that very same provider.

This can mean the charges from remortgaging can sometimes counteract the financial benefits of switching, so it is important to compare carefully and not to make the move without deliberating first.

How do I choose the right five year fixed-rate mortgage?

Homeowners should always calculate their home’s equity value, as this is the information that providers will use to calculate your interest rates and LTV. Generally the more equity there is in a property the better the remortgage rate deal you will receive.

You should also take into account whether you want to make over-payments or to have the flexibility should you want to move home in the future.

For help finding the right five year fixed-rate mortgage, visit our partners at Mojo using the compare button on this page.

Compare five year fixed-rate remortgages

Compare five year fixed-rate remortgages by signing up with our partners via this page. You can check your eligibility, see available deals and get expert advice, all for free.

Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
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