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Best 10 Year Fixed Rate Mortgages

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What are the best 10-year fixed rate mortgages?

nigel woollsey

Nigel Woollsey

Online Writer

At a glance

  • Long-term mortgages give you a big period during which your mortgage repayments will be fixed
  • Budgeting over the next 10 years become easier as you know exactly what your mortgage will be
  • 10 year mortgages are rising in popularity meaning you now have more choice than ever
  • Should interest rates fall in the next decade you may find yourself paying more than you could have done for your mortgage

What is a 10-year fixed rate deal?

10-year fixed rate mortgages ‘freeze’ your mortgage repayments at a set figure for 10 years. This is popular with people who like to know exactly what they will be paying for their mortgage over a longer period, enabling them to budget effectively. The only drawback can be that if interest rates drop during the term of your mortgage then you may find yourself paying more than if you had been on a variable rate or shorter-term deal.

Is it a good idea to fix my mortgage for 10 years?

The answer to this very much depends on both your own circumstances and what is likely to happen to interest rates over the next decade. 10 years is a long time and, as yet, no-one has managed to successfully predict with 100% accuracy what will happen to interest rates over such a long period of time.

The only solution is to make a judgement call based on what is good for you. Having fixed mortgage payments for a long-time gives you a great deal of certainty on what you’ll be paying – if this suits your personal circumstances then you probably think this outweighs the possibility that rates will drop even further.

If you are uncertain then you might want to consider locking your rate in for a lesser period, like five years, instead of the full 10. Of course, shorter-periods, such as two-year or three-year fixed terms, are also available.

Pros and cons of 10 year fixed rate mortgages

  • You can budget for the long-term, safe in the knowledge that your mortgage repayments will remain the same for 10 years
  • You protect yourself from any interest rate rises that might occur over the decade
  • 10 year long-term mortgages offer some of the lowest interest rates of any fixed term deals
  • The rising popularity of this type of mortgage means that choice and competition are improving – giving you more scope to choose the best deal for you
  • Many of these mortgages are portable – meaning that you can move home and take you mortgage deal with you
  • Fixing for shorter periods mean you must pay a fee each time you do this. With a long-term fixed rate fee you only one lot of fees for the decade
  • If mortgage rates go down then you may find yourself locked in to paying over the odds for your mortgage until your deal ends
  • Fixed rates with a smaller term offer you the benefit of being able to move deals more frequently
  • Your circumstances could change dramatically in 10 years
  • Potentially very high early repayment fees
  • No ability to move to a better deal by taking advantage of improving Loan-to-Value during the fixed rate period.

Moneyfacts tip

Moneyfacts tip nigel woollsey

When deciding about a 10 year fixed rate mortgage make sure you consider all the factors of the deal being offered, such as the incentive package or things like the ability to take payment holidays, that can give you extra flexibility

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