Considering the sheer number of mortgage options available on the market today, it can be tricky to know which product is most suitable for you, especially if you\u2019re a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/first-time-buyer-mortgages\/">first-time buyer<\/a> (FTB).\r\n\r\nCan you afford to take out a mortgage on a repayment basis, or is an <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/interest-only-mortgages\/">interest-only mortgage<\/a> best for your current financial situation? Should you opt for your lender\u2019s <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/standard-variable-rates\/discounted-variable-rate-mortgages\/">standard variable rate (SVR)<\/a>, or go for a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/fixed-rate-mortgages\/">fixed rate mortgage<\/a>?\r\n\r\nFortunately, the experts we work with are best placed to answer all these questions and so much more. To speak to a specialist today, <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an online enquiry<\/a> or speak to us directly on 0808 189 2301.\r\n\r\nIn the meantime, this article will be covering long term fixed rate mortgages, how long \u201cfixed rates\u201d tend to last, and whether a long term or short term fixed mortgage is best for you.\r\n<ul>\r\n \t<li><a href="#how-long">How long do fixed rate mortgages last?<\/a>\r\n<ul>\r\n \t<li><a href="#longest-fixed-rate">What is the longest fixed rate for a mortgage in the UK?<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="#long-term-vs-short-term">Should I get a long term or short term fixed mortgage?<\/a>\r\n<ul>\r\n \t<li><a href="#pros-long-term">Pros of long term fixed rate mortgages<\/a><\/li>\r\n \t<li><a href="#cons-long-term">Cons of long term fixed rate mortgages<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="#expert-fixed-term">Speak to an expert for advice on your fixed rate mortgage<\/a><\/li>\r\n<\/ul>\r\n[feefo-banner]\r\n<h2 id="how-long">How many years do long term fixed mortgage rates usually last?<\/h2>\r\nTwo year fixed-rate mortgages have traditionally been the go-to choice for UK borrowers, as a more affordable option than the usual \u201clong term\u201d five-year alternative.\r\n\r\nHowever, there\u2019s been a significant rise in demand for cost-effective, longer term fixed rate mortgages as Brexit-induced uncertainty prompts borrowers to attempt to protect their finances in case of a rise in interest rates.\r\n\r\nThat being said, the gap in cost between <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/fixed-rate-mortgage\/2-3-or-5-year-fixed-mortgages\/">two and five-year fixed-rate mortgage deals<\/a> has been gradually closing over the last few years, since late 2016.\r\n\r\nRate rises have been particularly prominent in the two-year fixed rate market, meaning longer-term periods are becoming a more attractive prospect to new buyers and <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/remortgages\/remortgage-guide\/">remortgagers<\/a>.\r\n<h3 id="longest-fixed-rate">What is the longest fixed rate mortgage in the UK?<\/h3>\r\nAs it stands, the longest fixed rate mortgage period offered by lenders is 10 years in this country.\r\n\r\nWith longer deals becoming increasingly popular, lenders are capitalising on that by offering a wider range of fixed-rate products at lower prices.\r\n\r\nAccording to <a href="https:\/\/www.thisismoney.co.uk\/money\/mortgageshome\/article-6619665\/Number-10-year-fixed-mortgages-jumps-16-150-just-five-years.html" target="_blank" rel="noopener noreferrer">research<\/a>, there were just 16 10-year fixed rate deals available on the market in 2014. At the time of writing, there are almost four times that amount on offer.\r\n<h2 id="long-term-vs-short-term">Should I get a short or long term fixed rate mortgage?<\/h2>\r\nLike all mortgage deals, fixed rates both long and short carry an element of risk, there are advantages and disadvantages attached to them:\r\n<h3 id="pros-long-term">Pros of long term fixed rate mortgages<\/h3>\r\n<ul>\r\n \t<li><strong>Fewer fees<\/strong> - regularly switching deals means fees can add up. For example, if you take out five two-year deals over 10 years, you'll be paying five times as many fees as you would by taking out a 10-year plan.<\/li>\r\n \t<li><strong>Beat interest rate rises<\/strong> - more Bank of England (BoE0 base rate rises are predicted, so a longer-term fix guarantees that you can keep your existing rate if this occurs, giving you peace of mind in times of uncertainty.<\/li>\r\n \t<li><strong>You're protected if lenders' criteria change<\/strong> - if your provider makes its eligibility criteria stricter in coming years, a longer deal will protect against this - at least for the length of the fix.<\/li>\r\n \t<li><strong>You should only be subject to one credit check<\/strong> - every time you apply for a new mortgage deal you\u2019ll be credit checked, and it\u2019s wise to refrain from taking out any form of credit in the months leading up to it. So if you\u2019re remortgaging regularly, a long-term fix is less restrictive.<\/li>\r\n<\/ul>\r\n<h3 id="cons-long-term">Cons of long term fixed rate mortgages<\/h3>\r\n<ul>\r\n \t<li><strong>Risk losing money overall <\/strong>- you could end up paying more by opting for a longer term fix. Again, in times of uncertainty it\u2019s difficult to predict how interest rates will fluctuate. If they fall or stay the same in the long run, you could end up having saved money by taking multiple shorter fixes.<\/li>\r\n \t<li><strong>Your monthly payments will be higher<\/strong> - at least to begin with. Your interest rates will be higher on a 10-year fix, for example, than on a shorter-term deal, therefore increasing your monthly repayments.<\/li>\r\n \t<li><strong>You may have to pay a penalty for moving house <\/strong>- although many providers nowadays have a 'porting' facility. This means you may be able to keep your mortgage on the same terms if you move (subject to eligibility checks).<\/li>\r\n \t<li><strong>You may be subject to fees if you pay off the mortgage early<\/strong> - early repayment charges (ERCs) are imposed by the majority of fixed rate providers.<\/li>\r\n<\/ul>\r\n<h3>Is a short term fixed rate mortgage a better fit for me?<\/h3>\r\nIf you\u2019ve got your mind set on a fixed-set mortgage, it may well be the case that a shorter-term deal is best placed for you - especially in times of such economic uncertainty.\r\n\r\nWith the prospect of Brexit looming, there\u2019s so much unpredictability surrounding how the base rate could be affected. While this has the potential to work in your favour if you opt for a long-term fix, there\u2019s also a high chance that it may not.\r\n\r\nSo as not to rush into any decisions that you may regret, you could consider taking out a short (two-year) fixed-rate plan, await the results, and then take out a longer-term fixed deal later on if appropriate.\r\n\r\nIt\u2019s all down to the level of risk you\u2019re willing to run - but if you\u2019re having any doubts, don't hesitate to give us a call on 0808 189 2301 or <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry online<\/a>.\r\n<h2 id="expert-fixed-term">Speak to an expert to discuss long term fixed rate mortgages<\/h2>\r\nIf you\u2019re still in two minds as to whether a short or long term fixed rate mortgage is most suitable for you, or for any other advice surrounding your home purchase, don\u2019t hesitate to get in touch.\r\n\r\nThe specialists we work with will assess your financial situation and other personal circumstances so as to provide you with bespoke advice on the most suitable next steps for you.\r\n\r\nYou can <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">submit an online enquiry<\/a> or give us a call on 0808 189 2301. We only work with 5* accredited advisors, we don\u2019t charge a fee, and there\u2019s absolutely no obligation on your part.