Long-Term Fixed-Rate Mortgages
Explore long term fixed-rate mortgages and how a broker can help you secure the best rate
Firstly, do you know how long you'd like to fix your mortgage for?
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In this article, we’ll look at the various lengths of fixed-term deals offered across the mortgage market, what the benefits are of short-term vs long-term fixes, and how to decide which is the best option for you.
What’s the longest fixed-rate mortgage term you can get?
10-year fixed-rate mortgages have, traditionally, been the longest widely available. Over the past couple of years 15-year, 30-year, and even 40-year fixed-rate deals have become available, with one lender even securing a licence to offer a 50-year fixed-rate mortgage term in the future. However, with the current uncertainty in the market, leaving lenders needing to constantly change their product offering, fixed-rate terms longer than 10 years can be difficult to secure.
Whilst having a fixed-rate period of anywhere up to 50 years may offer longer-term certainty for your monthly payments, it’s likely that the interest paid overall will be higher. It’s important to weigh up these factors before making a decision that best suits your situation.
The vast majority of fixed-rate borrowers tend to opt for 2,3 or 5-year deals, with most high street lenders offering a maximum of 5-year fixed rates, and a few offering 10-year deals.
Interest Rates to expect
The table below gives you an idea of what interest rates you can get currently for long-term fixed-rate mortgages.
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Last updated October 2023
The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.
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Are long-term fixed-rate mortgages a good idea right now?
Whilst the cost difference between fixing for 2 years and 5 years was once a deterrent in opting for the latter, the gap between interest rates available on 2 and 5-year deals has narrowed considerably. Even some 10-year fixed-rate deals are now negligibly more expensive than 2-year fixes.
Whether it’s a good idea to fix for a short or longer period will always be down to your personal circumstances and preferences. However, it’s prudent to consider the current financial climate and recent interest rate fluctuations when making a decision too.
Any future rises in the Bank of England base rate will affect your mortgage interest rates, unless you have already secured a fixed-rate deal.
Benefits vs. risks
The following table explores why a longer-term fix may, or may not be the right option for you. It’s strongly advisable, however, to discuss this decision with an experienced broker before committing to a deal.
- If interest rates rise again, you will be unaffected for the full duration of the fixed-rate period and you’ll have the peace of mind that your monthly payments will remain affordable for longer.
- You won’t need to remortgage for a better deal every couple of years, saving yourself the hassle and cost of the fees involved in this process. A 10-year deal may have a higher interest rate than a 2-year deal but will save the fees involved in the 5 remortgages necessary over the same duration on 2-year fixes.
- If changes in the market lead lenders to implement a general tightening of their criteria for new mortgage applications, you won’t need to worry about meeting these in order to remortgage for a new deal. For example, if the cost of living crisis impacts your credit score, this won’t be so problematic with a longer fixed-rate deal, as you will either have longer to repair your credit score or, in the case of a lifetime fix, never need to be credit scored by your lender again.
- There is less difference between the interest rates on short and long-term fixes than there used to be, so now may be a good time to take advantage of lower-priced long-term fixed rates, which may not be available in the future.
- In a longer period of time, there are more opportunities for interest rate fluctuations. If they fall, you won’t benefit from the lower rates available, whereas with a discount or tracker-rate deal, for example, you would likely automatically benefit from any falls in interest.
- If you do want to take advantage of a better deal or move home before the fixed-term ends you’ll likely have early repayment charges (ERC) and exit fees to pay, which are typically higher, the longer the duration of your fixed-rate period. Typical ERCs range between 1-5% of the outstanding loan and In some cases, can negate any financial benefits of taking a more competitive deal.
- It’s impossible to estimate whether you would save more money taking multiple shorter deals or a longer-term fixed deal, so there’s always the chance that you could end up paying more interest overall if you fix for longer.
- Interest rates are typically higher, the longer the fixed-rate deal, so whilst your monthly payments will be set in stone, they may be slightly higher than they would be on a shorter deal.
How can you compare the best long-term fixed-rate mortgages?
It’s difficult to gauge what the best move might be in terms of which fixed-rate period will save you the most money in the long run. A broker with plenty of experience with the volatility in the mortgage market is likely to be well-placed to answer this type of question.
As well as helping you to decide how long to fix for, or whether fixing your rates at all is the right option for your circumstances, brokers stay informed of the constantly changing rates and deals available from all lenders across the market and they often have access to deals not advertised to the general public. This means that they will be able to find the best rates available for your circumstances at any given time.
Fixed-rate deals won’t suit everyone, and if a variable rate, such as a tracker, would be more suitable to your current circumstances, they will be able to advise you about the most competitive rates in this area too.
The brokers we work with are experienced in securing the most appropriate and competitive deals. No matter whether you’re self-employed, have bad credit, or there are any other circumstances that may mean you have more specialist mortgage needs, they’ll help you to make the most of the options available to you.
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There has been an increase in the number of lenders offering 10-year, 15-year, and even lifetime fixes in recent years, so there are options available to suit most preferences. The fairly new addition of 40-year fixes means that they are currently only offered by a very small number of lenders, and 50-year fixes, whilst planned, are not yet available.
Lenders who traditionally offer mortgages with fixed rates periods of 10 years or longer include…
- Yorkshire Building Society
- Virgin Money
Interest rates and mortgage terms are always subject to change and the above information should be used simply as a guide. To give some indication of why it’s so important to check current deal availability with a broker, the average UK mortgage deal currently has a shelf-life of just 17 days before the rates and/or terms are changed. It’s, therefore, perfectly possible that a deal you saw online last week or even yesterday, is no longer available today.
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Do you get a better rate if you’re an existing customer?
If you already have a mortgage and are looking to move on to a more competitive deal, your existing lender may be able to offer you a preferential rate over a new customer, however, this does not necessarily mean it will be lower than the rates available from other lenders.
In order to ensure you achieve the most competitive rates on the fixed-term period you’re looking for, and based on your circumstances, you would need to compare every deal available across the entire market. With over 4,000 deals available at any given time, this can be a mammoth task to take on without the help of a whole-of-market broker.
Speak to a broker experienced in longer fixed-rate deals
To ensure you’re getting the best rates available in the ever-changing landscape of the mortgage market, why not take advantage of our free broker-matching service? Simply call 0808 189 2301 or submit an enquiry and we’ll pair you with a whole-of-market broker who has specific experience in the area of the market that’s relevant to your needs.
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