Want to lock in the interest rate on your mortgage for longer? A 10-year fixed-rate mortgage may suit you if you’re looking for predictable monthly payments and protection from rate rises. Read our guide to learn how 10-year fixed-rate mortgages work.
What is a 10-year fixed-rate mortgage?
A 10-year fixed mortgage means your interest rate will stay the same for 10 years, even if rates in the wider market change. When your fixed rate ends you'll usually be put on the lender's standard variable rate (SVR), which is usually more expensive and can go up or down.
Can I get a 10-year fixed-rate mortgage in the UK?
Yes, some lenders in the UK offer 10-year fixed-rate mortgages, although they’re typically not as common as two-year and five-year fixed-rate mortgages. You can search the best 10-year fixed-rate mortgages with Experian — we show you offers from a range of trusted UK lenders, all in one place. Searching is free and won’t affect your score.
What’s the longest fixed-rate mortgage in the UK?
You may find specialist lenders offering fixed rates for up to 40 years, although these are rare. Some lifetime mortgages have a fixed rate until they end, which is usually when you die or go into long-term care. Lifetime mortgages are only available to people in later life, typically aged 50 and over.
What’s the shortest fixed-rate mortgage in the UK?
A two-year fixed-rate mortgage is typically the shortest you’ll find in the UK. You don’t have to fix your rate — other options include tracker mortgages and discounted variable-rate mortgages.
What types of mortgages offer a 10-year fixed rate?
There are many types of mortgages but most 10-year fixed-rate deals are residential repayment mortgages. You can use this type of mortgage to buy your first home, move home or remortgage your current home. You’ll make monthly payments to pay back what you borrowed plus interest.
You’re unlikely to get a 10-year fixed rate on a buy-to-let mortgage which is for buying property you’ll let out to renters. It may also be harder to get a 10-year fixed rate on a shared-ownership mortgage.
What are the advantages of a 10-year fixed-rate mortgage?
Depending on your circumstances, getting a 10-year fixed-rate mortgage may have several advantages like:
Predictable payments
You’ll typically pay the same amount each month while you have a fixed rate. This may make your mortgage payments easier to budget for. Just be aware your payments can still be affected by things like late payment fees.
Protection from rate rises
Lenders often increase their rates if the Bank of England’s base rate goes up. But your rate won’t change while it’s fixed. By fixing your rate for 10 years instead of two or five years for example, you’re protecting yourself from rate rises for longer.
Less mortgage switching
It’s common to switch to a new mortgage when your fixed rate ends to avoid paying the lender’s standard variable rate, which is often expensive. There are disadvantages to switching mortgages often — for example, your score dips with each application and you’ll need to pass affordability checks and pay an arrangement fee. A 10-year fixed-rate mortgage may help you make fewer applications over time.
What are the disadvantages of a 10-year fixed-rate mortgage?
A 10-year fixed-rate mortgage isn’t right for everyone. There are some potential disadvantages like:
Higher rates
At the moment, lenders often charge a higher rate for a 10-year fixed-rate mortgage than for a shorter fixed term. Lenders may do this to lower the risk of losing money — for example, if market rates rise in the next 10 years they can’t increase your rate.
No rate drops
The flip side of being protected from rate rises is that you won’t benefit from rate drops. Your fixed rate stays the same even if mortgage rates in the wider market get cheaper.
Less flexibility
You’ll pay an early repayment fee if you switch your mortgage while you’re on a fixed rate. Typical reasons for wanting to switch mortgage deals include:
- Moving home. Your lender may let you move your mortgage to the new property (called porting) but this isn’t guaranteed.
- Taking advantage of cheaper deals. These may become available if mortgages get cheaper or when you own more of your home.
- Paying off your mortgage faster. Some lenders (but not all) let you overpay your mortgage by up to 10% each year without a fee. Also, switching could save you more than just the fee — find out with our overpayment calculator.
Do I need a larger deposit for a 10-year fixed-rate mortgage?
Often, yes. You may find a few lenders offering a 10-year fixed-rate deal on their 5% deposit mortgages. But many lenders ask for 25% of the property price, or at least 40% if you want the best rates.
What happens when my 10-year fixed-rate mortgage ends?
When your fixed rate ends, you’ll typically be put on the lender’s standard variable rate (SVR). The SVR is often more expensive and can go up and down while you’re on it. You may want to switch to a new fixed-rate mortgage deal with a cheaper interest rate. You’ll need to wait until your current fixed rate ends to avoid an early repayment fee.
If your fixed rate is ending soon you can search mortgages with Experian to see what you could get. Searching takes less than two minutes, won’t affect your score and doesn't cost a thing.
Do I need a good credit score for a fixed-rate mortgage?
Building a good credit score for your mortgage application can boost your chances of getting approved, and at a better rate. But it isn’t the only thing lenders look at — for example, a higher income or bigger deposit could also help you get accepted. It’s possible to get a mortgage with bad credit but harder to get a 10-year fixed rate.
How do I find the right 10-year fixed-rate mortgage for me?
Our mortgage calculator is a good place to start. We’ll crunch the numbers to show you how much you could borrow. Once you have a rough number, compare offers from our range of lenders to find the best 10-year fixed-rate mortgages.
You could also consider using a mortgage broker. This is a company or person who can help you find and arrange a mortgage. Some brokers specialise in specific needs such as mortgages if you’re self-employed. Brokers may charge a fee and don’t always have access to the full mortgage market.
Ready to apply for a mortgage? Make sure you’ve gathered all the required documents such as payslips, bank statements, employment contracts. Remember, your credit score dips when you apply but should recover over time if you look after it.