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About 10 Year Fixed Rate Mortgages
If you want to fix your mortgage repayments for a long period, 10 Year Fixed Rate products represent a possible option. These mortgages will provide the peace of mind of static repayments for the first decade of homeownership, regardless of interest rate fluctuations.
Think carefully about securing debt against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
What is a 10-year fixed-rate mortgage?
A 10-year fixed-rate mortgage allows borrowers to fix their monthly mortgage payments for 10 years. With this type of mortgage, the interest rate stays the same for the entire term, so you know exactly how much you will pay each month on your mortgage.
At the end of the 10-year period, you would normally be moved to the provider’s standard variable rate (SVR), or you may be able to switch to a new fixed deal.
In contrast to fixed-rate deals, the interest rate on variable rate mortgages can rise or fall and is typically influenced by the Bank of England’s base rate.
You will find 10-year mortgages offered by a range of lenders.
Should I fix my mortgage rate for 10 years?
Only you know if you should fix your mortgage for 10 years, as it depends on your individual circumstances. 10-year fixed-rate mortgages are long-term products, so if you are confident you won’t be moving house any time soon, they could be an attractive option.
These fixed deals can offer some security and peace of mind as you know what your payments will be for the next decade. It means you won’t be affected should interest rates rise, but it also means you won’t be able to benefit from lower payments if interest rates fall.
You need to weigh up the security of knowing what your payments will be with the fact you won’t be able to benefit from any cheaper deals, which may appear over the 10-year period.
If you know that interest rates are low and want to be protected from a potential rise in the future, it may be worth locking into a fixed deal to take advantage of this.
A lot can change in 10 years, both in the mortgage market and in your own life. So if you find you want to move mortgage deals after a few years, a 10-year fixed mortgage may not be so convenient as you would need to pay extra fees to end your deal early.
Many providers will allow you to transfer, or port, your mortgage to your new home if you move. However, this will depend on a number of factors, such as the value of the house you’re moving into.
10 years isn’t the longest period that you can fix a mortgage for as there are some 40-year fixed mortgages available, although these longer deals are not so common. It’s important to consider whether locking into a deal for this long is the right choice for you.
» COMPARE: Fixed-rate mortgage deals
What are the benefits of a 10-year fixed-rate mortgage?
There are a number of benefits to taking out a 10-year fixed-rate mortgage:
- You know exactly how much you’ll be paying on your mortgage each month, making it easier to budget.
- Your payments will stay the same, even if interest rates rise.
- You won’t need to worry about finding a new mortgage deal after a few years and going through the application process (including credit checks), as you would if you chose a shorter fixed-rate period.
- You won’t need to pay any of the fees associated with remortgaging for 10 years. If you opt for shorter fixed-rate terms, you may need to pay fees every time you go on to a new deal.
What are the disadvantages of a 10-year fixed-rate mortgage?
Even though fixing your mortgage rates for 10 years can be an appealing option, there are some disadvantages to consider.
- It is likely that 10-year fixed-rate mortgages will have higher interest rates than shorter fixed-rate mortgages and the current variable rate, as you pay extra for the security the fixed deal can offer.
- If interest rates fall, you won’t benefit from lower rates. You could end up paying more than if you were on a variable rate or you had chosen a shorter fixed term and been able to switch to a new deal. You don’t have as much flexibility as on a shorter fixed-rate mortgage or a variable rate.
- It may be difficult if you want to move house. With the lender’s approval, you may be able to transfer your mortgage deal to your new home, but you may need to borrow more at a different rate on top of your existing mortgage, or switch to a new deal which could involve more fees and you will always have your finances re-evaluated.
- If your circumstances change and you want to remortgage to a new deal, you will face early repayment charges.
- As you pay off your mortgage, your loan to value (LTV) decreases, so you are likely to become eligible for more competitive mortgage deals after a few years. If you’re locked into a 10-year mortgage deal, you won’t be able to take advantage of this, unless you pay a fee to leave the deal early.
How can I choose the best 10-year fixed-rate mortgage for me?
When comparing 10-year fixed-rate mortgages, you should look at the annual percentage rate of charge (APRC) as this will allow you to see how much a deal costs in total per year, including the interest rate and any fees. By using our comparison tool above, you can click through the different options and put in some details to see what deals are available. From this selection you can then decide which is the best mortgage for you.
10 Year Fixed-Rate Mortgages FAQs
Is a 10-year fixed-rate mortgage right for me?
This depends on your plans for the future. As 10-year fixed mortgages are a long-term product, they may not be appropriate if you think you’ll want to move house in a few years. However, if you are settled in your house and you want to guarantee that your monthly payments won’t change, you may want to consider a 10-year fixed deal. But bear in mind that you may end up paying more than you otherwise could if interest rates fall during the 10-year period.
What is a fixed-rate mortgage?
A fixed-rate mortgage simply means the interest rate on your mortgage is fixed for the specified period of time. This means your mortgage payments will stay the same until the fixed-rate period ends. This is in contrast to a variable rate when the interest rates and your payments can fluctuate.
» MORE: What is a fixed-rate mortgage?
What other fixed-rate mortgages can you get?
If you like the idea of locking in an interest rate to keep your monthly payments the same, but you don’t want to commit to 10 years, there are shorter fixed-rate mortgage deals available. For example, there are five-year or three-year fixed-rate mortgages, two-year and even one-year deals. These can give you some more flexibility and may make it easier to take advantage of any cheaper mortgage rates when they come up, as you won’t be locked into a deal for a long period of time.
If, however, you like the security of a fixed-rate mortgage and don’t mind being tied into a deal, there are sometimes longer-term mortgages available, even up to 40 years.
Why do people seek fixed-rate deals?
Fixed-rate mortgages are ideal for those who want the security of knowing their mortgage payments won’t rise for the specified time period. This can help with budgeting as you know how much you’ll be paying on your mortgage each month.
Also, locking into a fixed-rate can offer some protection if interest rates rise. Especially if you know interest rates at the moment are competitive and they are predicted to rise, it may be worth taking out a fixed mortgage so you can take advantage of the current rates.
Is a 10-year fixed-rate higher than a five-year one?
Yes, probably. Fixing rates for longer periods of time carries more risk to the provider as, if interest rates rise, they won’t be able to increase the interest rates on existing fixed-rate deals. As a result, they will typically charge higher interest rates on longer fixed-rate deals.
Are there additional costs to consider?
Yes. Some providers waive certain fees, but most will charge arrangement fees, valuation fees, and more. You should always check the terms and conditions, so you know what fees the provider charges. Bear in mind that providers who waive fees may charge more in interest, so check the annual percentage rate of charge (APRC) to see how much it costs in total.
How do I find the best 10-year fixed-rate mortgages?
You can use our comparison tool above to compare different 10-year fixed-rate deals. Make sure you’ve done your research beforehand, so you know what kind of mortgage is most suitable and to help you compare options. Look at the APRC and the terms of each mortgage deal before deciding which one to apply for.
What incentives do providers offer?
Providers may offer incentives such as one-off cash injections, in the form of a cashback mortgage. These kinds of incentives vary between providers and may only run for limited periods. They are also likely to come with certain criteria as, for example, you may need to have a current account or another product with the bank that is offering the mortgage.
Can I start paying my mortgage off more quickly?
Many mortgage providers will allow you to overpay on your mortgage without facing any penalties, up to a certain limit each year. This limit is often up to 10% of the balance you have left to pay, though it can vary depending on the provider. Overpaying reduces the amount you owe, so it can reduce your future payments and help you to pay off your mortgage quicker.
What is an early repayment charge?
Early repayment charges (ERC) are penalties charged by providers when you pay back more on your mortgage than the allowable limit. Many providers will allow you to overpay up to 10% of your outstanding balance each year, without paying any fees. If you pay more than this limit, you may need to pay an extra charge.
The rate of an ERC depends on the provider, so always check terms and conditions before applying.
What is APRC?
On any mortgage product, the annual percentage rate of charge (APRC) tells you the overall cost of the mortgage per year. It factors in interest as well as additional fees and charges, allowing you to make an easy comparison between various mortgage deals.
Can I fix a new rate when one term ends?
Yes. You may wish to renew a fixed term to keep interest payments stable over time. The process of fixing a new rate with your existing lender doesn’t take much time, allowing you to continue with a repayment plan that best suits your needs.
If you don’t take out a new fixed deal, you will probably switch to your lender’s standard variable rate (SVR).
Why might I consider a fixed-rate deal for as long as a decade?
All customers apply for mortgages under different circumstances, with widely differing requirements. If you want to freeze interest at an affordable rate for longer and you want the peace of mind that your monthly payments won’t change, a 10-year fixed-rate could be an option to consider. Make sure you do your research to make sure locking into a deal for this length of time is the right choice for you.
Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more
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