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Thinking about fixing your mortgage for 10 years or longer? Here are the pros and cons

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.

Read the full story:

'Number of ten-year fixed mortgages continuing to increase'

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Comments

  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    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?
  • jonnydeppiwish!
    jonnydeppiwish! Posts: 1,341 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    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 dream
  • Zoe02
    Zoe02 Posts: 529 Forumite
    500 Posts Second Anniversary Name Dropper
    Fair points. 

    I have opted for 5 years fixed.

    Hard to predict the next 3,5, 10 years. 
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    Are there any lenders that would let you fix for more than ten years, or is ten the limit?
  • K_S
    K_S Posts: 6,824 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Are there any lenders that would let you fix for more than ten years, or is ten the limit?
    @sarah1mitty2 Off of the top of my head, Virgin does 15 year fixes and Kensington, Habito do term-fixes. Can't think of any other lenders who offer over 10 year fixes.

    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.

  • mojo293
    mojo293 Posts: 86 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    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.  :#
  • K_S said:
    Are there any lenders that would let you fix for more than ten years, or is ten the limit?
    @sarah1mitty2 Off of the top of my head, Virgin does 15 year fixes and Kensington, Habito do term-fixes. Can't think of any other lenders who offer over 10 year fixes.

    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).
  • Sarah1Mitty2
    Sarah1Mitty2 Posts: 1,838 Forumite
    1,000 Posts First Anniversary Name Dropper
    K_S said:
    Are there any lenders that would let you fix for more than ten years, or is ten the limit?
    @sarah1mitty2 Off of the top of my head, Virgin does 15 year fixes and Kensington, Habito do term-fixes. Can't think of any other lenders who offer over 10 year fixes.
    Ok, thanks.
  • zagubov
    zagubov Posts: 17,915 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You used to get 25-year fixes. My parents had one back in the 60s. Weren't common at all though.
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