The best UK five-year fixed rate mortgages 2018

Want to fix your mortgage for more than two years and less than 10? Perhaps you should go for a five-year deal.

With the UK facing ever-increasing rates, it could be a good idea to lock into a longer-term fixed rate deal.

This way, you know your biggest monthly outlay won't change regardless of what happens to the wider economy.

The best of the bunch

Here’s how the best five-year fixed rate mortgage deals compare. As you'll see, Principality Building Society utterly dominates the tables.

Lender	LTV	Interest rate	Product fees	ERCs
Principality Building Society	60%	1.65%	£1,395	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Principality Building Society	65%	1.65%	£1,395	5% until 2019, then 4% until 2020, then 3% until 2021, then 2% until 2022 then 1% until 2023
Principality Building Society	70%	1.75%	£1,395	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Principality Building Society	75%	1.75%	£1,395	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Platform	80%	1.94%	£1,499	5% until 2019 then 4% until 2020 then 3% until 2021 then 2% until 2022 then 1% until 2023
Principality Building Society	85%	2%	£1,395	5% until 2019, then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Barclays	90%	2.49%	£999	3% until 2023

And now let’s take a gander at the best deals with a fee of under £500.

Lender	LTV	Interest rate	Product fees	ERCs
Coventry Building Society	60%	1.99%	£0	5% until 2019, then 3% until 2020, then 3% until 2021, then 1% until 2022 then 1% until 2023
Coventry Building Society	65%	1.99%	£0	5% until 2019, then 3% until 2020, then 3% until 2021, then 1% until 2022 then 1% until 2023
Principality Building Society	70%	2.05%	£0	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Principality Building Society	75%	2.05%	£0	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Principality Building Society	80%	2.05%	£0	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023
Santander	85%	2.24%	£499	5% until 2023
Principality Building Society	90%	2.55%	£0	5% until 2019 then 5% until 2020 then 3% until 2021 then 3% until 2022 then 1% until 2023

The good and the bad

A longer fix will give you security for longer, but there is a premium in the form of a higher interest rate. The Early Repayment Charges will be significantly greater on longer mortgages too.

The major downside is that sticking with one rate for so long means that you might miss out on even better rates over the coming months if they continue to fall. Although, you won’t have to pay the charges that come with remortgaging for five years so at least you’ll saving money on that front.

And as obvious as it sounds, make sure it’s a property you’ll be staying in long-term, or at least for the length of the deal. If you think you'll be likely to move home over the five years, check your mortgage deal to see if it’s portable and what fees are associated with it. It’ll save you those nasty early repayment charges.

Check out The best fixed-rate mortgages for the top two, five- and 10-year deals.

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