On a 10 year fixed-rate mortgage deal, the 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.
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 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 interest rates.
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This table shows some of our best 10-year fixed-rate mortgage deals, based on initial rate available at different loan-to-value (LTV) ratios. 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), which can be seen in brackets 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.
|LTV||10-year fixed||5-year fixed|
|90||Nationwide BS - 5.18% (6.4% APRC)||Nationwide BS - 4.79% (7% APRC)|
|80||Nationwide BS - 4.84% (6.1% APRC)||Nationwide BS - 4.57% (6.9% APRC)|
|70||Halifax - 4.68% (6.1% APRC)||Yorkshire Building Society - 4.39% (6.7% APRC)|
|60||Halifax - 4.68% (6.1% APRC)||Nationwide BS - 4.29% (6.5% APRC)|
90% LTV 10 Year Fixed - Nationwide BS - 5.18% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 6.4%. Repayments: 120 months of £1,504.22 at 5.18% (fixed), then 180 months of £1,796.41 at 7.99% (variable). Total amount payable £503,860.20. Early repayment charges apply until 10 years. Other fees may apply.
80% LTV 10 Year Fixed - Nationwide BS - 4.84% Repayment mortgage of £224,000.00 over 25 years, representitive APRC 6.1%. Repayments: 120 months of £1,293.22 at 4.84% (fixed), then 180 months of £1,579.27 at 7.99% (variable). Total amount payable £439,455.00. Early repayment charges apply until 10 years. Other fees may apply.
70% LTV 10 Year Fixed - Halifax - 4.68% Repayment mortgage of £196,000.00 over 25 years, representitive APRC 6.1%. Repayments: 123 months of £1,115.21 at 4.68% (fixed), then 177 months of £1,433.85 at 8.74% (variable). Total amount payable £390,962.28. Early repayment charges apply until 31-Mar-2034. Other fees may apply.
60% LTV 10 Year Fixed - Halifax - 4.68% Repayment mortgage of £168,000.00 over 25 years, representitive APRC 6.1%. Repayments: 123 months of £956.70 at 4.68% (fixed), then 177 months of £1,230.05 at 8.74% (variable). Total amount payable £335,392.95. Early repayment charges apply until 31-Mar-2034. Other fees may apply.
90% LTV 5 Year Fixed - Nationwide BS - 4.79% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7%. Repayments: 60 months of £1,446.86 at 4.79% (fixed), then 240 months of £1,865.26 at 7.99% (variable). Total amount payable £534,474.00. Early repayment charges apply until 5 years. Other fees may apply.
80% LTV 5 Year Fixed - Nationwide BS - 4.57% Repayment mortgage of £224,000.00 over 25 years, representitive APRC 6.9%. Repayments: 60 months of £1,258.42 at 4.57% (fixed), then 240 months of £1,652.81 at 7.99% (variable). Total amount payable £472,179.60. Early repayment charges apply until 5 years. Other fees may apply.
70% LTV 5 Year Fixed - Yorkshire Building Society - 4.39% Repayment mortgage of £196,000.00 over 25 years, representitive APRC 6.7%. Repayments: 63 months of £1,085.45 at 4.39% (fixed), then 237 months of £1,470.36 at 8.24% (variable). Total amount payable £416,858.67. Early repayment charges apply until 31-Mar-2029. Other fees may apply.
60% LTV 5 Year Fixed - Nationwide BS - 4.29% Repayment mortgage of £168,000.00 over 25 years, representitive APRC 6.5%. Repayments: 60 months of £918.52 at 4.29% (fixed), then 240 months of £1,235.58 at 7.99% (variable). Total amount payable £351,650.40. Early repayment charges apply until 5 years. Other fees may apply.
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 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
The financial impact of the Covid-19 pandemic forced interest rates to record lows, but the 2022 cost of living crisis pushed rates back up fast. With rates still rising, a fixed-rate mortgage that lets you lock into today’s rates for two, five or 10 years may seem like an attractive option.
However, Covid-19 is also a good example of how unexpected events make it impossible to predict exactly when or by how much interest rates will go up or down, so think carefully before committing to a mortgage deal for such a long time.
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
You won’t have to think about remortgaging or paying any of the costs associated with taking out a new mortgage deal for a whole decade
Typically mortgage rates that are fixed for 10 years tend to be more expensive than shorter fixed deals, as you pay for the security of locking in your rate for such a long period. This is not always the case, however, 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, you’ll face ERCs (early repayment charges) that can amount to hundreds or even thousands of pounds
For most people, it’s far more likely that you’ll want to move house in the next decade, than in the next two years. This means that if your deal is not portable, it could be more difficult to move home. If your mortgage is portable, you should be able to take it when you move home, but ensure you check the terms and conditions before you commit
The length of your fixed-rate 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.
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.
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 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.
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 may be (but are not always) lower than a five-year fixed-rate, but offer a relatively short period of certainty.
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, they're cheaper than two-year fixes for the most part, so can be a good mid-length fix for some people.
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.
Ten-year fixed-rate mortgages offer certainty that your payments will be consistent for a good length of time - but they're less flexible. Remember to consider whether your circumstances may be different in a few years’ time.”Kellie Steed, Mortgage Content Writer
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 the lower rates until your deal has ended unless you pay early repayment charges (ERCs).
It’s always difficult to predict when the base rate might change, but it's currently at 5.25% after rising many times in succession. At the current time, it's expected to continue rising for the remainder of 2023, but 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 options available to you now, as it's likely, at the current time, that they will be more expensive in six month's time.
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.
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.
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.
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.
Yes buy-to-let mortgage deals are available that let you fix your rate for multiple terms, including two, five and 10 years.
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 during your initial 10-year mortgage deal term and tend to decrease during that time
Uswitch is not a mortgage intermediary and 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, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.