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'
If you haven’t already, join the forum to reply.
PLEASE READ BEFORE POSTINGHello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Thank you for your understanding.
Thinking about fixing your mortgage for 10 years or longer? Here are the pros and cons
in House buying, renting & selling
24 replies 2.9K views
MSE_Kit MSE StaffMSE Staff
Latest MSE News and Guides
Energy Price Cap change
Martin Lewis on what it means for youMSE News
Best £1 you've ever spent?
Share your most impressive bargainsMSE Forum
New MSE Forum avatars available
Try 'em out nowMSE Forum
2021 mortgage and debt free, working part time and living the dream
I have opted for 5 years fixed.
Hard to predict the next 3,5, 10 years.
Looks like you got in just in time, still incredibly cheap to borrow at the moment though.
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.
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.
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%.