Best 10 Year Fixed Rate Mortgage

10 year fixed rate mortgages explained

10-year fixed rate mortgages ‘freeze’ your mortgage repayments at a set figure for 10 years. This is popular with people who like to know exactly what they will be paying for their mortgage over a longer period, enabling them to budget effectively. The only drawback can be that if interest rates drop during the term of your mortgage then you may find yourself paying more than if you had been on a variable rate or shorter-term deal.

The answer to this very much depends on both your own circumstances and what is likely to happen to interest rates over the next decade. 10 years is a long time and, as yet, no-one has managed to successfully predict with 100% accuracy what will happen to interest rates over such a long period of time.

The only solution is to make a judgement call based on what is good for you. Having fixed mortgage payments for a long-time gives you a great deal of certainty on what you’ll be paying – if this suits your personal circumstances then you probably think this outweighs the possibility that rates will drop even further.

If you are uncertain then you might want to consider locking your rate in for a lesser period, like five year mortgages, instead of the full 10.

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.

Speak to an award-winning mortgage broker today