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10 year fixed rate mortgages

Tell us about yourself and our broker partner Mojo will find the best 10-year fixed-rate mortgage deals for you.

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How to find the best 10-year fixed mortgage rates

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Compare 10 year fixed rate mortgages from 70+ lenders across the whole of market

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Skipton

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.

The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

Last updated
May 9th, 2024
Couple with packaging boxes moving home + dog

What is a 10 year fixed rate mortgage?

On a 10 year fixed-rate mortgage deal, your mortgage interest rate will stay the same for 10 years, regardless of what happens to the Bank of England base rate or across the mortgages industry generally. This gives you certainty that your mortgage payments won't rise for an entire decade.

Woman packing up kitchen as she moves home

Are interest rates lower for 10 year fixed rate mortgages?

There are a number of lenders offering 10 year fixed term mortgages in the current market, with some offering even longer than that. Longer term fixed rate deals can be found at lower rates than short-term fixes (2 year fixed and 5 year fixed mortgage rates) at the time of writing. This is not typical for the industry, as usually you would pay more to lock in a rate for longer - however, this is the result of the currently turbulent market.

In order to access the best 10 year fixed-rate mortgage deals available, you'll need to have a substantial deposit (or amount of equity if you’re remortgaging). However, this is true for any mortgage rate, as lower LTV borrowing is rewarded with lower mortgage interest rates.

The best 10-year fixed mortgage rates

This table shows some of our partner Mojo's best 10-year fixed-rate mortgage deals, based on initial rate available at different loan-to-value (LTV) ratios. You can also check out the average mortgage rates today across a range of products on our rates page.

LTV is the amount you borrow compared to the value of the property. This rate is what you pay during the introductory deal period (for a ten-year fixed-rate mortgage, the introductory period is ten years).

We've also included the Annual Percentage Rate of Change (APRC), after the initial rate for each deal. APRC takes fees and the lender's standard variable rate (or SVR) - into account, so it can be useful when comparing the overall cost of different deals. Bear in mind, though that you may choose to remortgage onto another deal, rather than automatically moving onto the SVR - in which case the APRC is less helpful.

LTV10-year fixed
90%

Nationwide BS

Initial rate: 5.28% | APRC: 6.5%

Repayment mortgage of £270,000.00 over 25 years, representative APRC 6.5%. Repayments: 120 months of £1,621.09 at 5.28% (fixed), then 180 months of £1,923.79 at 7.99% (variable). Total amount payable £540,813.00. Early repayment charges apply until 10 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1079.

80%

Nationwide BS

Initial rate: 4.99% | APRC: 6.3%

Repayment mortgage of £240,000.00 over 25 years, representative APRC 6.3%. Repayments: 120 months of £1,400.20 at 4.99% (fixed), then 180 months of £1,693.43 at 7.99% (variable). Total amount payable £472,841.40. Early repayment charges apply until 10 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1079.

70%

Nationwide BS

Initial rate: 4.82% | APRC: 6.2%

Repayment mortgage of £210,000.00 over 25 years, representative APRC 6.2%. Repayments: 120 months of £1,204.51 at 4.82% (fixed), then 180 months of £1,473.13 at 7.99% (variable). Total amount payable £409,704.60. Early repayment charges apply until 10 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1079.

60%

Nationwide BS

Initial rate: 4.82% | APRC: 6%

Repayment mortgage of £180,000.00 over 25 years, representative APRC 6%. Repayments: 120 months of £1,032.44 at 4.82% (fixed), then 180 months of £1,262.68 at 7.99% (variable). Total amount payable £351,175.20. Early repayment charges apply until 10 years. Arrangement, mortgage discharge, valuation and CHAPS fees total £1079.

Date Updated 20 May 2024

The above fixed rates are provided by Mojo Mortgages and updated every 12 hours. THEY MAY NOT BE AVAILABLE WHEN YOU'RE READY TO SUBMIT AN APPLICATION.

Advantages and risks of a 10 year fixed rate mortgage?

While there are a number of advantages to a 10-year year fixed mortgage, it’s important to carefully consider whether this type of deal is right for you.  The best way to do this is by comparing the total cost – including fees as well as interest payments – over the 10-year term.

  • The most obvious advantage of a 10-year fixed-rate mortgage is that your mortgage costs won't rise for the next decade, so – as long as your financial situation stays the same – your repayments won’t become unaffordable as a result of interest rate hikes

  • If interest rates rise during the 10-year fixed period, you should save money compared to someone on a variable rate mortgage deal

  • You won’t have to think about remortgaging or paying any of the costs associated with taking out a new mortgage deal for a long time

  • Longer fixed deals tend to be more expensive than shorter ones, as you pay for the security of locking in your rate for such a long period. However, this is not always the case, so it’s important to seek advice from a mortgage broker to find the best 10 year fixed-rate deal on the market at any given time

  • If your circumstances change and you want to switch your mortgage deal or pay it off completely during the ten year period, you’ll face ERCs (early repayment charges) that can amount to hundreds or even thousands of pounds

  • Most people are far more likely to want to move house in the next decade, than in the next two years. If your mortgage is portable, you should be able to take it when you move home, but it's even more important to ensure that this is the case before committing to a long term fix

Should I get a 10-year fixed rate mortgage?

Whether or not a 10-year fixed-rate mortgage is suitable for you depends on your personal circumstances and preferences. It's important to ask yourself: 

  • How important is it that your mortgage repayments won't increase for 10 years?

  • Do you think mortgage interest rates generally will go up (or down) during the 10-year period?

  • What are your future plans? It can be difficult to leave a long-term fixed deal without paying high early repayment chargers (ERCs)

“Many people are opting to fix their mortgage rate for a bit longer. It was always generally a 50/50 split between two-year and five-year fixes, but it seems like people are preferring to lock in a rate for longer now.”
Aidan Darrall, Mortgage Expert at Mojo Mortgages

What should I do at the end of the 10 year fixed rate term?

Six months before your 10-year fixed-rate deal is due to end, it’s a good idea to compare remortgages to see if you could switch to a cheaper deal.

You can usually lock in a remortgage rate up to six months in advance, but you won’t be tied to it until your current deal ends. This means you can switch again if a better deal becomes available before then.

Can I pay off my 10 year fixed rate mortgage early?

You can repay any mortgage early, but this will usually result in substantial early repayment charges (ERCs). ERCs are usually charged as a percentage of your outstanding mortgage balance, which can be thousands of pounds - but will usually reduce the closer you are to the end of the mortgage deal.

Most fixed-rate mortgages allow you to make overpayments up to the amount of 10% of your remaining mortgage balance per year - this can help you repay your mortgage sooner without ERCs.

Do I need a larger deposit for a 10 year fixed mortgage?

The length of your fixed-rate mortgage deal has no direct impact on your deposit requirement, as this is determined by the LTV of your borrowing. The LTV or loan to value, is the amount you need to borrow, compared to the full cost of the property, so for example, on a £100,000 property, if you borrowed £80,000, it would be 80% LTV.

Each lender usually has a set maximum LTV for each mortgage product, but also make adjustments based on your personal circumstances. For example, a person with poor credit may not be able to borrow at such a high LTV as someone with the same income, but good credit. 

A larger deposit will certainly help you to qualify for the best 10 year mortgage rates, but this is true no matter the length of your fix or whether you take a fixed or variable rate mortgage.

Alternatives to 10-year fixed-rate mortgages

Two-year fixed-rate

With a two-year fixed-rate mortgage, your rate stays the same for two years - so your repayments won't rise during that time. Interest rates on shorter fixes may be (but are not always) lower than five-year fixed-rate deals, but offer a relatively short period of certainty.

Five-year fixed rate

A five-year fixed-rate mortgage offers the peace of mind of knowing your mortgage costs for five years, but won’t tie you into a deal for the next decade. At the current time, some are cheaper than two-year deals, so can be a good mid-length fix for some people.

Lifetime fixed-rate mortgage

At the current time, there are 20, 30 and 40-year fixes available, and as most mortgage terms are 25-30 years, this means you can fix your rate for the lifetime of your mortgage. Interest rates on this type of deal are typically very high, but you can usually remortgage without paying ERCs - although always check the individual terms and conditions.

Kellie Steedquotation mark
Ten-year fixed-rate mortgages offer a decade of certainty that your mortgage payments won't rise, but they're less flexible, so consider whether your circumstances could change in that time.
Kellie Steed, Mortgage Content Writer

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10-year fixed-rate mortgage FAQs

What happens if the Bank of England base rate changes?

One of the main advantages of fixing your mortgage interest rate for a long period is that, regardless of any changes in the base rate, your monthly mortgage payments can't rise -which can be helpful for budgeting and planning ahead.

If the base rate falls, rather than rises, however, you won’t be able to take advantage of lower mortgage rates until your deal has ended, unless you pay early repayment charges (ERCs).

Will interest rates go up?

It’s always difficult to predict when the Bank of England base rate might change, but it's currently at 5.25% after rising many times in succession over 2022 and 2023. You can keep up to date with rates and mortgage news to stay ahead of changes.

If you are close to the end of your current deal, especially within the final six months, it’s a good idea to look at the best remortgage options available to you now.

Is a 10-year fixed mortgage suitable for me?

Whether or not a 10-year mortgage is right for you will depend on your personal circumstances. If you think it’s likely you’ll stay in your property for at least a decade and you would like the security of knowing your payments will stay the same during that time, it may be a good option. However, be sure to consider the potential downsides of a 10-year mortgage before you commit.

Can you make overpayments on a 10-year fixed mortgage?

Most mortgages allow you to overpay by a certain percentage each year without paying early repayment charges. The amount you can repay depends on your lender – many allow overpayments of up to 10% a year – so check before making any extra payments.

Can I remortgage to a 10-year fixed rate?

If you want to know what your mortgage repayments will be in the long term, you may want to consider remortgaging to a 10-year deal. However, if you’re currently tied into a fixed or variable-rate deal, you’ll need to wait until it ends before remortgaging to avoid paying hefty ERCs.

Does my credit score have to be very good to get a 10 year fixed rate mortgage?

A bad credit rating can affect your chance of getting any mortgage, not just a 10 year fixed-rate mortgage specifically, however, there are lenders that specialise in bad credit mortgages.


Are there 10 year fixed rate buy-to-let mortgages?

Yes buy-to-let mortgage deals are available that let you fix your rate for multiple terms, including two year fixed, five and 10 years.

What other fees are involved with a 10 year fixed-rate mortgage?

When working out how much you can save by switching, it’s vital to factor in mortgage fees and charges as well as the interest rate. 

10-year mortgage costs can include:

  • Product fee – typically around £1,000, but can be anything from £0-£2,000

  • Telegraphic transfer fee – typically £20-£50

  • Valuation fee – £150-£1,000 or more (depending on your property value), although some mortgage deals offer free valuations

  • Mortgage account fee – typically £100-£300

  • Mortgage broker fee – this could be £400-£500 or a percentage of the value of your mortgage. The broker may receive a commission from the lender instead or as well

  • Exit/closure fee – usually £50-£300

  • ERCs – between 1-8% of the value of your remaining loan, these charges only usually apply if you want to switch mortgages during your initial 10-year mortgage deal term and tend to decrease during that time

About the author

Kellie Steed
Kellie has a wealth of content writing experience, however, in 2020 took a vested interest in the mortgage industry, and chose to specialise in this area exclusively. Her personal goal is to author the most comprehensive and helpful online guide available for each mortgage type, as well as every customer need, no matter how niche.

Fixed-rate mortgages guides

We have a range of helpful guides available that look at different elements of fixed-rate mortgages in more detail. You can check these out here:
5 year fixed rate mortgages
5 year fixed rate mortgages
2 year fixed rate mortgages
2 year fixed rate mortgages
Fixed rate mortgages
Fixed rate mortgages

YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.

The FCA does not regulate mortgages on commercial or investment buy-to-let properties.

Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.