10 Year Fixed Rate Mortgages

10 Year Fixed Rate Mortgages

Our Mortgage Service - Why choose us?

Special features of what we offer include:

• Get the best 2 year fixed mortgage deals in the UK
• Whole of market service - we work with most UK lenders
• Access to leading market mortgage rates
• Access to exclusive loan deals not available on high street
• Fast turnaround - speak to us today if you need to move quickly
• We have lenders who will take into account previous defaults and missed payments 
• Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your 2 year fixed rate mortgage options call our mortgage team on 0117 313 7780 or fill in our call back form.

10 year fixed rate mortgages

Ten year fixed rate mortgage may not be as common as their two, three and five year counterparts, but they are still available if you know where to look. This could be welcome news for those buyers who wish to fix for a longer period of time giving them the certainty of what their monthly payments will be for the duration of their loan. Longer mortgage deals are certainly more common in the USA and in the rest of Europe than in the UK, and the security they offer could prove a popular choice. However, there are pros and cons to a ten year fixed rate mortgage, as with any mortgage deal.

Potential advantages of a 10 year fixed rate mortgage

• The chance to lock into record low mortgage rates – the UK is currently experiencing a record low Base Rate of 0.5%, continuous since March 2009. With the recent demise of the Government’s Funding for Lending Scheme – which many believe to have been one of the key factors in keeping rates low – it’s possible that rates may start to go up, making the opportunity to take advantage of this historic low rate for the next decade seem an increasingly attractive move.
• Long-term peace of mind - knowing that what you'll pay each month will remain constant is not only reassuring, but is also helpful for budgeting and financial planning.
• Potential to save on the cost of remortgaging – with shorter fixed rate deals you might find you need to remortgage as they end and cease to be competitive, and this can be a costly and time consuming process.

Potential disadvantages of a 10 year fixed rate mortgage

• A long term commitment – while predicting your circumstances in two years’ time may seem straightforward, how many of us can accurately predict what we will be doing ten years from now? You will have to think about any major lifestyle or financial changes you may go through in the next 10 years that could affect your ability to repay. For example, are you likely to start a family, change careers or retire in the next decade?
• Cost of getting a decade-long fixed rate – because these mortgage deals offer a sense of long-term security, they can cost more at the outset and in terms of monthly repayments than shorter fixed or variable rate mortgages. You will need to weigh up the overall costs over ten years to decide if this is financially worthwhile for you.
• High Early Repayment Charges – ten year fixed rates may come with substantial ERCs which could present a problem if, for example, you need to move to a bigger house for example as your family expands.