Lenders 5 year fixed rate mortgage deals become more competitive.

In response to rising SVRs some lenders are launching more competitive 5 year fixed rate mortgage deals. Lenders are sharpening their pencils and releasing cheap deals in a bid to attract mortgage holders hit by rising costs.

Deposit levels are key to achieving the most competitive 5 year fixed rate mortgage deals. The higher the deposit you have the cheaper the rate.

Those home-owners and would-be property purchasers with 25 per cent equity or a 25 per cent deposit, can find a 5 year fix from as low as 3.39 per cent through the Yorkshire Building Society. An arrangement fee of £995 is charged by the lender.

The lender also offers a 2 year fix at 2.89 per cent which comes with an arrangement fee of £495. However as the base rate is predicted to rise in 2 to 3 years you could be coming off a 2 year fix to higher rates.

Chelsea Building Society for a while offered the lowest ever 5 year fix at 3.19 per cent, however that has been increased to 3.29 per cent which is still a good rate, however the deal comes with a high fee of £1,495and is only available for 70 per cent LTV.

The Co-op also offer a 5 year fixed rate mortgage which is offered at 85 per cent LTV at a rate of 4.19 per cent which is fee free. A slightly lower rate of 3.99 per cent is offered with a fee of £999.

Whichever 5 year fixed rate mortgage you are interested in come to Deal Direct for a 'whole of market' mortgage comparison. We make it our business to source the most competitive rates on offer.