5 year fixed-rate mortgages

Lock in your interest rate with a 5 year fixed-rate mortgage from Lloyds and choose a deal that offers stability over a longer term.

Find a 5 year fixed-rate deal

Why choose a 5 year fixed rate?

Lock in your rate for longer

A fixed-rate 5 year mortgage could protect you if interest rates rise in the next few years. Unlike a variable rate, your mortgage won’t be impacted by a change to the Bank of England base rate.

Easy to manage your monthly budget

You know exactly what your mortgage rate is for the next 5 years, which might make your monthly payment more predictable. You won’t need to change your deal as quickly either. This could mean less stress, less admin and no product fees to deal with for 5 years.

Range of deposit options

If you’re a first-time buyer, you may be able to borrow more than the typical 95% of your home’s value, with our £5k deposit mortgage.

If you’re not a first-time buyer, we could offer you a 5 year fixed-rate mortgage with just a 5% deposit. But keep in mind that a lower loan-to-value ratio might get you a better rate. 

If you’re remortgaging, Lloyds only offer up to 90% of the property’s value. 

Things to consider

Your loan-to-value (LTV) ratio

Your LTV ratio could affect the rate that you’re offered on a 5 year mortgage. A higher LTV could mean higher interest rates. 

Less flexibility

A fixed rate over 5 years offers longer stability but less flexibility. Shorter term deals or tracker mortgages could see you get a better deal sooner, if interest rates go down during your fixed-rate term. 

Your rate won’t change if interest rates fall

If interest rates fall, your fixed rate won’t change and you might have to wait until the end of your 5 year deal to switch. You’ll likely have to pay an early repayment charge if you choose to end your deal early to switch to a better rate.

Slightly higher rates than shorter term fixed deals

Although not always the case, you could get a better rate on a shorter 2 or 3 year fixed term. It’s a good idea to compare and shop around before you apply.

Should I choose a 5 year or 2 year fixed rate?

It all depends on your personal circumstances. If you’d prefer to know what you’re paying for a longer period, then you might want to apply for a 5 year fixed rate. 

If you’d like a bit more flexibility and don’t want to be locked into a rate for too long, then a 2 year fixed-rate mortgage could work for you. 

When making up your mind, think about:

  • whether you might want to change your deal in the next 5 years
  • if you intend on moving home
  • how long you’d like to have a fixed mortgage rate for.

Learn more about our 2 year fixed-rate mortgages.

Ready to fix for 5 years?

Use the mortgage calculator

You can use the Lloyds mortgage calculator to see how much you could borrow with a 5 year fixed-rate mortgage and get an idea of what your repayments might be.

Mortgage calculators Opens in same tab

Apply for an AIP

Start the application process by getting an agreement in principle. This can help you work out how much we could lend you and the rate you could get. 

Apply for an AIP Opens in same tab

Use the mortgage calculator

You can use the Lloyds mortgage calculator to see how much you could borrow with a 5 year fixed-rate mortgage and get an idea of what your repayments might be.

Mortgage calculators Opens in same tab

Apply for an AIP

Start the application process by getting an agreement in principle. This can help you work out how much we could lend you and the rate you could get. 

Apply for an AIP Opens in same tab

You could lose your home if you don’t keep up your mortgage repayments

Let’s look at the details

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How do mortgage rates work?

Learn more about mortgage rates and how they work in our dedicated guide.

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Remortgaging to us

Find out about our improved remortgage rates if you’ve got a mortgage with another lender.

Remortgaging Opens in same tab

How to apply

We can help you find and apply for the right mortgage.

How to apply for a mortgage

Types of mortgages

Brush up on the different types of mortgages available from Lloyds to find the one that works best for you.

Mortgage types 

Types of mortgages

Brush up on the different types of mortgages available from Lloyds to find the one that works best for you.

Mortgage types 

Important legal information

New Lloyds mortgages are provided by Bank of Scotland plc. Lloyds Bank plc and Bank of Scotland plc are both part of Lloyds Banking Group.