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Should you consider a 40-year mortgage?
Derin Clark

Derin Clark

Online Reporter
Published: 25/11/2021

Locking into a fixed rate mortgage of 10 years or more may be tempting for those looking to secure their monthly mortgage repayments against the risk of rising rates, but long-term fixed deals may not be a good choice for mortgage borrowers.

Right now there are 333 fixed mortgages deals with terms of 10 years or more. Many of these, 161 deals in total, are available on terms that are fixed for life or term. Meanwhile, 158 deals are available on a 10 year term, eight fixed for 15 years and six deals are for a 20 year term.

Clearly, mortgage borrowers have a range of products to choose from if they want to take out a long-term fixed rate mortgage.

Although most deals are available to those with a high deposit or equity in their home some, including 40-year term deals launched by Kensington Mortgages this week, are available to first-time buyers with just a 5% deposit.

The rates on long-term fixed rate mortgages are normally higher than those on two, three and five year fixed terms. Some mortgage borrowers, however, are happy to pay a higher interest rate to have the security of knowing what their monthly mortgage repayments will be for the term of the mortgage.

Along with a fixed repayment for the length of the mortgage term, locking into a long-term mortgage can save money, as borrowers do not need to pay fees and charges remortgaging every few years.

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The best residential mortgage rates 25.11.21

Kensington launched a range of 40 year term fixed rate mortgages this week, with some deals available to those with deposits of just 5%. Borrowers considering a fixed mortgage of 10 years or more should carefully weigh up the pros and cons of locking into a deal for so long and may want to consider speaking to a mortgage broker for advice.

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The best lifetime mortgage rates available during November 2021

Money unlocked from property via equity release is set to break the £4 billion this year, with homeowners taking out £2.989 billion via equity release in the first nine months of 2021, research released this month revealed.

Although the equity release market has remained strong this year, our research has found that since October, average equity release rates have been rising.

On 7 October 2021 the lowest initial equity release rate (MER) stood at 2.66% fixed, however just over a month later on 11 November, the lowest rate was 2.8% variable, with the lowest fixed rate standing at 2.96%.

To help homeowners decide whether a lifetime mortgage is right for them, below we’ve highlighted some of the most competitive rates available this month.

The plans highlighted below are not endorsed by Moneyfacts.co.uk but have been chosen as they offer competitive rates for the scenario that we have selected. It should be noted that other plans are available that offer similar competitive rates but may offer incentives, such as cashback, that suit the borrower’s needs better – as such borrowers should speak to an equity release broker who will be able to select the best plans for individual requirements.

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The best residential mortgage rates 19.11.21

The most competitive rates that have been available over the previous few months are starting to disappear from the charts, which is impacting those with a large deposit or who own a high amount of equity in their home. Alternatively, those with smaller deposits, including first-time buyers, will see that rates have become more competitive in recent weeks and new, lower rates, are now available in our first-time buyer charts.

Although we’ve highlighted the lowest rates across our mortgage charts, borrowers should always keep in mind that the lowest rate may not be the best, or most cost effective, deal for them. Instead, it is important to consider factors such as product fees and incentives when comparing mortgage deals, as these can have a significant impact on the cost of the mortgage. Consumers unsure of which deal is right for them should consider speaking to a mortgage broker, who will be able to provide advice on the best deal for their circumstances.

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Base rate rise threat remains – what to do if you’re on a variable rate mortgage

The Bank of England continues to send signals that base rate may rise before the end of this year, which, if it does take place, will likely start impacting variable rate mortgages within weeks.

For many mortgage borrowers on a variable rate mortgage the best option may be to lock into a fixed rate deal while rates remain low. Some borrowers, however, may be tempted to remain on a variable rate mortgage, especially as some are currently offering lower rates than fixed deals.

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Are investments and personal finance deals as green as they claim?

10th November 2021

As world leaders spent the past two weeks at the COP26 Glasgow climate summit many companies are clamouring to highlight their green credentials

As world leaders spent the past two weeks at the COP26 Glasgow climate summit many companies are clamouring to highlight their green credentials

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Should you overpay your mortgage?

9th November 2021

Savers have almost doubled the amount of money they hold in savings accounts during the pandemic, but with savings rates remaining low homeowners may be considering using excess savings to overpay their mortgage

Savers have almost doubled the amount of money they hold in savings accounts during the pandemic

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First-time buyer mortgage rates continue to fall

8th November 2021

First-time buyer mortgage rates fell this month, despite rates across the market as a whole rising month-on-month, new research shows

First-time buyer mortgage rates fell this month, despite rates across the market as a whole rising month-on-month, new research shows

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The best residential mortgage rates 05.11.21

5th November 2021

Mortgage lenders are starting to increase rates on deals and borrowers will see that many sub-1% deals have disappeared as result

Mortgage lenders are starting to increase rates on deals and borrowers will see that many sub-1% deals have disappeared as result

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Most Popular Mortgage News

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The best residential mortgage rates 19.11.21

19th November 2021

The most competitive rates that have been available over the previous few months are starting to disappear from the charts

The most competitive rates that have been available over the previous few months are starting to disappear from the charts

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Two and five year mortgage rates hit historic lows

11th May 2020

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

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Government announces launch of new Help to Buy scheme

17th November 2020

The Government is set to replace the existing Help to Buy Equity Loan scheme with a new scheme that is restricted to first-time buyers only and introduces regional price limits

The Government is set to replace the existing Help to Buy Equity Loan scheme with a new scheme that is restricted to first-time buyers only and introduces regional price limits

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The best residential mortgage rates 25.11.21

25th November 2021

Kensington launched a range of 40 year term fixed rate mortgages this week, with some deals available to those with deposits of just 5%

Kensington launched a range of 40 year term fixed rate mortgages this week, with some deals available to those with deposits of just 5%

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