Compare our best 10 year fixed rate mortgages

Choose a 10 year fixed rate mortgage and your mortgage repayments will remain the same for 10 years, offering you the security that your monthly repayments will stay the same, regardless of any changes to the Bank of England base rate. Explore our guide below to find out more and compare the best deals available right now.

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What is a 10 year fixed rate mortgage?

A 10 year fixed rate mortgage has the same interest rate and monthly repayments for 10 years. Even if the Bank of England base rate changes, or your bank's standard variable rate (SVR) changes, your mortgage rate will stay the same for the full 10 years.

There are benefits and disadvantages to a 10 year fixed rate mortgage to think about; a 10 year fixed rate is the ultimate in financial security, as you know exactly how much your mortgage will cost you each month for the next decade.

But it's also the least flexible and most expensive fixed rate mortgage. The interest rate on a 10 year fixed rate mortgage is often quite high (about 3% in December 2020), which can mean significantly higher mortgage repayments than a 2 or 5 year fixed rate mortgage.

How to find the best 10 year fixed rate mortgage

The best 10 year fixed rate mortgage is one that has the lowest interest rate and set-up fees. When comparing 10 year fixed mortgages, it's very important to consider the full cost of the mortgage including fees and charges - not just the interest rate.

Almost all fixed rate mortgages will charge you a fee for overpaying too much. You can usually overpay up to 10% per year before you get charged.

If you repay your mortgage in full within 10 years, you will usually be hit by an early repayment charge (ERC). The ERC is normally a percentage of the total mortgage amount, so it can be thousands of pounds.

What’s more, the ERC on a 10 year fixed rate mortgage is usually higher (5% to 10% of the total mortgage debt) than on a shorter term fixed rate mortgage.

So if you're planning to move home in the next 10 years, be sure to get a portable mortgage - a mortgage you can take with you from one property to another. Otherwise you'll have to pay the ERC.

Compare 10 year fixed rate mortgage deals

Use a comparison table to compare the best 10 year fixed rate mortgages. Mortgages are complex products, and 10 years is a long time to be locked in. Read our mortgage guide to learn about all the fees, charges and gotchas to watch out for when comparing mortgages.

If you're not sure that a 10 year fix is the right mortgage for you, you can find other fixed rate mortgages here:

Should I choose a 5 or 10 year fixed mortgage?

This is a complex question and you should do a lot of research before deciding. Whether or not to choose a long term fixed rate mortgage will depend on your own circumstances, as well as what you expect to happen with interest rates. Ask yourself: will your personal or financial situation be the same 5 or 10 years from now? If you expect your income to go up or down significantly, or you plan to buy a larger or smaller house over the next 5 or 10 years, both a 5 year or 10 year fixed mortgage might be too restrictive.

Like most things in life, both 5 and 10 year fixed rate mortgages have pros and cons. The benefit of long term fixed mortgages is that they offer a huge amount of certainty, allowing you to budget and plan your finances over the medium to long term. But on the other hand, they are a lot more expensive than a shorter term fixed mortgage and allow little to no flexibility during the mortgage term. If you are looking for a more flexible mortgage option, you can consider shorter period fixed terms such as two or three years.

What are the best rates for a 10 year fixed mortgage?

In December 2020, the cheapest 2 year fixed rates are around 2% while the best 10 year mortgage rates come with an initial interest rate of around 3%. If interest rates go up, a 10 year fixed mortgage could end up being the cheaper option long term, so if you're concerned about long term financial security and are planning to stay put for a few years, a 10 year fixed rate mortgage could be the right choice for you.

Can I get a 10 year fixed rate mortgage?

You should be able to get a 10 year fixed rate mortgage, as there aren’t any particularly challenging eligibility criteria to worry about. As with most mortgage deals, however, the best 10 year mortgage rates will only be available if you have a large deposit of around 30% (giving you an LTV of 70%).

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Last updated: 17 November, 2021