10 year fixed mortgages
Use our guide to compare 10 year fixed rate mortgages and discover whether a 10 year fix is the right choice for you.
What is a 10 year fixed rate mortgage?
A 10 year fixed rate mortgage is one of the longer fixed rate deals you can get in the UK.
As it’s such a long term fix, it’s best suited for those who’ve found their ‘forever home’ and are not likely to move for at least a decade.
With a 10 year fix, you’ll pay the same rate of interest for that fixed period.
This means that your mortgage payments will remain the same for a full 10 years.
Should I get a 10 year fixed mortgage?
If you think you’ve found your ‘forever home’, a 10 year fixed rate could be the right choice for you.
Here are some of the pros and cons of fixing your mortgage for 10 years.
you’ll know exactly what you need to pay every month on your mortgage for 10 years
you will not be affected if the Bank of England base rate increases
you’ll pay one set up fee compared to if you remortgage every 2 or 5 years
more and more 10 year fixed deals are being offered so there are better options
interest rates on 10 year fixed mortgages are higher - so repayments will also be higher
you will not benefit if the Bank of England base rate drops
you may struggle to pay off your mortgage early due to high early repayment charges (ERCs)
if your financial situation changes during the 10 year term you could find it tricky to afford your mortgage
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How to get the best 10 year fixed rate mortgage
Getting a 10 year fixed mortgage is a long term commitment, so it’s important to make sure you’ve looked into what deals are available and what extra costs might be involved.
It’s helpful, especially with a 10 year fixed mortgage, to put down a bigger deposit.
A bigger deposit will also help you get the best interest rates and a better deal.
Due to the length of a 10 year fix, there are usually higher interest rates to pay than on a shorter term fix.
Look out for these when comparing different deals.
It’s also important that you consider all costs when getting a 10 year fix.
10 year fixed rate deals could come with higher early repayment charges (ERCs) than 2 or 5 year fixes.
Early repayment charges could cost you thousands of pounds. This could undo any savings you made from a low interest rate.
10 years is a long time, and you may decide you want to move homes.
To avoid large ERCs, make sure you choose a portable mortgage.
This will allow you to transfer your mortgage deal to another property. This could save you thousands on early repayments.
Many mortgages are portable. If you'd like one, tell your mortgage adviser.
What if I want to fix my mortgage for more than 10 years?
Up until July 2019, 10 year fixes were the longest fixed rate option available to homeowners since 2009.¹
In July 2019 Virgin Money was the first lender to announce it would start offering 15 year fixed rate mortgages. They were soon followed by Yorkshire Building Society.
Although these longer fixed term mortgages are available, they tend to come with higher interest rates.
It can also be costly to get out of a 15 year fix once you’ve signed up for one.
It’s important to carefully consider all your options before committing to a very long mortgage term as life and financial changes could impact your decision.
Where to go from here
¹ The Guardian - Are 15-year fixed-rate mortgages a price worth paying for security?
² Bank of England: IUMBV34
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Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.