5 year fixed rate mortgages

When any fixed deal ends, you automatically switch to the lender’s standard variable rate of interest (SVR). This almost always has a higher interest rate than other deals available, but it's also variable, so can rise or fall at any time. 

Usually your mortgage lender reminds you when your 5 year fixed rate deal is coming to an end, but it’s a good idea to put the date in your diary. To avoid the SVR, you can secure a new remortgage deal around 6 months before your current one ends. You switch to it at the end of your existing deal, so you won't have to pay early repayment charges (ERCs). 

If your deal term is due to end within 6 months, it’s a good idea to speak to a broker who can compare mortgages that work for you. You could switch to another 5 year fix, a different length of fixed-rate, or even try a variable rate, but can usually lock in a new deal at this point. 

You can either remortgage to a new lender or get another deal with the same one (known as a product transfer).

If you then see a more competitive deal before your current deal ends, you can always switch. You’re not committed to the new rate until your current deal ends and the new one begins.

A lower loan-to-value (LTV) generally gives you access to better rates. This is the same for all mortgages, no matter what the deal length is or whether it's a fixed or variable deal.

 It can be more difficult for some self-employed mortgage borrowers to secure any type of mortgage. 

But plenty of lenders welcome self-employed applicants. It’s definitely achievable if you can prove you have a stable income.