Should I fix my mortgage for five or 10 years?

The current economic and political climate means that long-term mortgages are becoming increasingly popular, with many borrowers wanting repayment security for longer than the traditional two-year mortgage – and happily, providers are accommodating. But what does it mean when you take out a five or 10-year mortgage, and should you fix your rate for that long? Here, we take a look.

Long-term mortgages are exactly as they sound – mortgage deals that allow you to fix your rate (and repayments) for five or 10 years, giving you up to a decade of repayment security. Such deals can be particularly beneficial if you’re concerned that interest rates will rise in the next few years and can be ideal for those who like to budget and know exactly what their outgoings will be.

Long-term mortgages were at one stage difficult to find – and not overly popular – but in recent years they’ve enjoyed something of a resurgence. The number of deals available has notably increased as demand from borrowers’ edges upwards, and rates have fallen as well, which means fixing for the long term is getting cheaper. Given the level of uncertainty at present, it’s little wonder that the popularity of such deals is on the rise, with borrowers increasingly willing to make a long-term commitment.

As may be expected, five and 10-year mortgage rates are typically higher than those on offer with more standard two-year deals, but for many, those slightly higher rates could be a more than adequate trade-off for greater security.

Once you’ve considered the pros and cons and decided that a five or 10-year mortgage is for you, the next step is to find the best interest rates. This can be easily achieved with the help of our mortgage calculator – simply input your details and the type of mortgage you’re looking for, and you’ll be presented with a range of options that perfectly suit your needs.

From there, you’re free to make your decision, but just make sure to take into account factors besides rate alone. While finding the best mortgage rates will of course be a key consideration, you’ll also need to consider things like the mortgage fee and any incentives (things like cashback, free valuations or help towards legal fees can be a particular boost) to determine the true cost of the mortgage.

Make sure to look at early repayment charges so you’ll know the kind of penalty you’ll be faced with should you need to exit the deal, and consider opting for a portable option, particularly if you think you may need to move home in the next five or 10 years. That way, you can be sure that you’ve not only found the best five or 10-year mortgage rates, but that you’ve got a deal that accommodates your long-term needs.  

Fixing your mortgage for five or 10 years isn’t a decision to be taken lightly, but for many, such deals can prove to be the ideal solution, particularly in times of uncertainty. Find the best five and 10-year fixed rate mortgages by using our mortgage calculator and see the kind of options available.

Our mortgage calculator helps you to see how much your mortgage might cost you each month.

Our how much can I borrow calculator gives you a range of how much a lender might consider lending you under a mortgage. This calculation is only an indication only.

Read our How much can I borrow for a mortgage guide to find out more about what can impact your potential sum of borrowing.