More and more 10-year fixed mortgage deals are coming to the market, with First Direct becoming the latest to launch a product. Fixing for a decade can be done for as little as 3.33% right now and is becoming more appealing as the Bank of England base rate continues to rise. But there are pros and cons to doing so – here's what to watch out for.
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'Number of ten-year fixed mortgages continuing to increase'
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Thinking about fixing your mortgage for 10 years or longer? Here are the pros and cons
MSE_Kit
Posts: 102 MSE Staff
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Comments
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Very surprising how quickly rates have moved up isn`t it. A "lifetime" deal at around 3% can`t really go far wrong though can it?0
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Would this not be better on the mortgage page?2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream2 -
Fair points.
I have opted for 5 years fixed.
Hard to predict the next 3,5, 10 years.0 -
https://www.msn.com/en-gb/money/other/biggest-monthly-mortgage-fixed-rate-rate-leap-for-15-years-typical-five-year-fix-hits-highest-level-since-2013-here-s-what-it-means-for-borrowers/ar-AAZse1P?ocid=BingHp05&cvid=86c61c2d5da14654ea326dfaf70260d3
Looks like you got in just in time, still incredibly cheap to borrow at the moment though.1 -
Are there any lenders that would let you fix for more than ten years, or is ten the limit?0
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Sarah1Mitty2 said:Are there any lenders that would let you fix for more than ten years, or is ten the limit?
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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I was considering a 5 yr fix for my next mortgage, which is probably as long as I would fix, to be honest.
However with this house purchase I'm in the middle of, my existing mortage is 1 yr into a 3yr fix and had an early repayment fee. But what Santander are doing is porting my existing balance over to the new house (so no ERF to pay), with my current interest rate, and lending me the difference at a new (slightly higher) rate. So I'll have 2 amounts and the rates of both are fixed for the next 2 yrs, and then I can remortgage the whole amount onto a single product / rate in 2024.
Just hope the interest rates haven't gone up too much by then.0 -
K_S said:Sarah1Mitty2 said:Are there any lenders that would let you fix for more than ten years, or is ten the limit?
According to MoneySupermarket (This site's owners), Tipton, Vernon, Kensington and Swansea will offer me a lifetime on my LTV (60%). Tipton comes up as 2.3%.I think we'd all agree that's something I'd definitely sign up to if my fixed was due (sadly, it's due in 18 months time).0 -
K_S said:Sarah1Mitty2 said:Are there any lenders that would let you fix for more than ten years, or is ten the limit?0
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You used to get 25-year fixes. My parents had one back in the 60s. Weren't common at all though.There is no honour to be had in not knowing a thing that can be known - Danny Baker0
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