20-year, 25-year, 30-year and 40-year fixed rate mortgages

Its extremely rare to find a long term fixed rate mortgage in the UK above 15 years, but there are some long-term options.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

A long term fixed rate mortgage may seem like a good idea if you’re settled in your home and don’t fancy dealing with interest rate fluctuations.

Unfortunately, there are no lenders in the UK offering fixed-rate mortgages for this long.

Nevertheless, there’s a growing range of 10-year fixed rate mortgages being made available. Those looking for a long-term fix might therefore want to consider locking down your interest for a decade.

Compare all your options, as some providers require a deposit of up to 50% for long-term fixed rate mortgages.

How do fixed rate mortgages work?

With a fixed rate mortgage, the interest rate you pay is locked over the duration of the fixed term. It means there’s no confusion surrounding what your monthly repayments will be over the length of the fixed term. This makes it easier to manage your household budget and save for larger long-term purchases. With other types of mortgage, such as tracker mortgages, the rate will fluctuate based on the Bank of England (BoE) base rate.

The downsides of longer-term fixed-rate mortgages

Being able to budget with confidence is great. So is having an interest rate that’s better than what’s available on the market.

What’s not so great is having to buy your way out (i.e. pay a penalty) if mortgage rates come down, and you realise you’d be better off switching. Letalone paying over the odds for a sustained period.

You’re also tied to the bank you opt for – so it may be worth looking at what their users say about them before committing.

Would UK homeowners recommend their mortgage provider to friends/family?

Response% of respondents
Don't know2.40%
Source: Finder survey by OnePoll of 750 Brits

Frequently asked questions about fixed rate mortgages

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