As of March 2024 below are the best 2 year and 5 year fixed term mortgage rates.

With a fixed term mortgage you will not be affected by changing interest rates and you will often pay lower rates than if you were on a variable rate mortgage.

If your fixed term is coming to an end this year and you are worried about the rise in mortgage rates then make sure you are comparing the best deals.

2 year fixed term mortgages


  • LTV – 60%
  • Interest rate – 4.5%


  • LTV - 60%
  • Interest rate – 4.64%
  • deposit – 40%


  • LTV – 60%
  • Interest rate – 4.6%

5 year Fixed term mortgages


  • LTV- 60%
  • Interest rate – 4.24%
  • Minimum loan amount - £25,000
  • Minimum Deposit – 40%


  • LTV - 60%
  • Interest rate – 4.24%
  • Maximum loan amount - £5,000,000
  • Offers a 10% annual overpayment allowance

Is a 2 or 5 year fixed term better?

As seen above, currently 5 year fixed term mortgages offer lower interest rates meaning you will have to pay back less over time.

A 5 year fixed term is a long term commitment so you have to make sure you will be able to make your repayment for the whole duration.

Pros of a 2 year fixed term

  • You will be able to switch lender to get a better deal after only 2 years so that when rates fall you can benefit.
  • You are usually able to make over payments in a 2 year term meaning you will be able to pay off your loan quicker, saving on interest over time.

Cons of a 2 year fixed term

  • You will have to remortgage sooner and could have to pay fees to do so.
  • At the end of the two years, interest rates could be higher giving you a more costly rate.

Pros of a 5 year fixed term

  • This offers you stability knowing what your monthly payments will be each month regardless of what happens to the base rate. This can help you with budgeting and financial planning.
  • If you know your current financial situation won’t change and you are happy with the rate then this a great way to avoid the hassle for a while.

Cons of a 5 year fixed term

  • If you want to take advantage of the changing interest rates then you will be unable to do so with this term.
  • You will paying out for a longer time and so will have less disposable income.