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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MSE_Kit
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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.
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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%.