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Should I Fix My Mortgage Rate for 10 years?

should I fix my mortgage rate

With the recent increase in interest rates, this could see the end of the record low mortgage rates, so is now the right time for you to consider fixing your mortgage rate for 10 years?

This may feel daunting as many of us are used to fixing for 2 or a maximum 5 years. However, over the past 12 months the availability of longer term fixed rate mortgage deals has increased significantly. Alongside this, the interest rates on these longer-term loans have also decreased, making these an attractive option for many borrowers.

There are a number of things to consider when thinking about a 10-year fixed mortgage:

Will you want to move within 10 years? 

If so, this may not be the best option for you as many of these mortgage deals will have a redemption penalty to pay should you wish to change your mortgage within this time.

Do you have a large deposit? 

With many of the 10 year fixed rate mortgage options you'll need to have a deposit of at least 40% of the property value. If you have a lower deposit, there are other mortgage options available to you.

Fixed Mortgages have several benefits including:

  1. Fixing for a longer period time means that your repayments will remain the same which makes budgeting easier and offers more certainty to borrowers as they don’t need to worry about how they will be affected if interest rates increase.
  2. By opting for a fixed rate over a longer term you don’t have to search for a new mortgage every couple of years and pay the associated fees to change your mortgage.

Is This Right for You?

When considering your mortgage options, it is important to understand all the options available to you and your individual financial circumstances. As a mortgage broker we can look at your requirements and match you to the best possible mortgage product to suit you.

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Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.

Ellen King

BB Mortgages
2019-09-04T15:53:10+01:00

Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Miss Knight

BB Mortgages
2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Mr L

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

BB Mortgages
2016-09-13T12:38:09+01:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

BB Mortgages
2016-09-13T12:43:22+01:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

BB Mortgages
2016-09-13T12:48:10+01:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

BB Mortgages
2016-09-13T12:49:06+01:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.
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