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

MSE_Kit

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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Sarah1Mitty2

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!

Would this not be better on the mortgage page?

Zoe02

Fair points. 

I have opted for 5 years fixed.

Hard to predict the next 3,5, 10 years. 

Sarah1Mitty2

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.

Sarah1Mitty2

Are there any lenders that would let you fix for more than ten years, or is ten the limit?

K_S

Sarah1Mitty2 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.

mojo293

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. 

newsgroupmonkey_

K_S said:

Sarah1Mitty2 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

K_S said:

Sarah1Mitty2 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

You used to get 25-year fixes. My parents had one back in the 60s. Weren't common at all though.