10 year fixed-rate mortgages

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What are 10 year fixed-rate mortgages?

In a ten year fixed-rate mortgage deal, your monthly payments will be set at a ‘fixed’ price for the ten year period of the loan. Not only does this give mortgage owners the security of knowing exactly how much they will be paying each and every month it also guarantees that the amount they are being charged won’t escalate out of their price range in that time either, forcing them to make payments they can’t afford.

What are the fixed-rate mortgage options?

Most fixed rate mortgages are available with set interest rates for between two and five years but buyers are also able, in some circumstances, to secure a fixed term of up to ten years or more.

What happens at the end of the fixed term?

Once your ten year fixed-rate mortgage comes to the end of its tenure your rate returns to the lender’s standard variable rate (SVR). At the end of the ten year fixed-rate the interest rate you move onto can either increase or decrease depending on whether interest rates have increased or decreased. At this point you are free to switch to another deal, so just prior to the end of the term (3-6 months before) is a perfect time to compare mortgage rates to see if you can secure a better deal elsewhere.

What are the advantages of a fixed-rate mortgage?

Fixed-rate mortgages are a good way of giving homeowners security and peace of mind in knowing exactly how much their mortgage payments are going to be for the foreseeable future. A 10-year fixed-rate mortgage provides home buyers a decade of unchangeable monthly payments.

If variable rates go up during your fixed-rate term, you won’t be affected by the negative changes.

What are the disadvantages of a fixed-rate mortgage?

Being in a fixed rate mortgage means you must honour the contract time, even in a ten year fixed-rate deal. You will be charged an exit fee called an Early Repayment Charge (ERC) if you decide to switch to another mortgage in that time. These charges can be substantial so it is worth seeking advice on this when you apply through our fee-free mortgage broker. There are a number of types of ERCs toconsider and you should take this into account when choosing a mortgage.

Variable rates can go up but they can also go down. In the event of this, you will still be paying your fixed rate, meaning although you’ve secured a steady payment method that doesn’t fluctuate you may also be paying more than you have to.

Compare 10 year fixed rate mortgages

Use Quote Goat’s fee-free mortgage broker to compare 10 year fixed-rate mortgages from all UK lenders in order to source a mortgage offer that suits you. With 10 years of fixed monthly payments homeowners can enjoy stress free living, so find out if you qualify for a full ten year or more fixed rate by checking your eligibility.

Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
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