The best UK 10-year fixed rate mortgages 2018

If you're looking for a long-term fixed rate mortgage, here are some of the best deals around.The popularity of 10-year mortgage fixes has shot up in

If you’re looking for a long-term fixed rate mortgage, here are some of the best deals around.

The popularity of 10-year mortgage fixes has shot up in recent years due to political uncertainty and interest rate increases.

Getting a 10-year fixed rate mortgage is a good idea as it will mean that your repayments don’t fluctuate in the face of further turmoil.

Interest rates: expert predictions and what it could mean for you

If you’re interested in a shorter deal, take a look at our best buy round-up on two- and five-year fixed rate mortgages in: The best UK fixed-rate mortgages 2018.

The best 10-year fixed rate deals

Here are the best 10-year fixed rate deals on the market at the moment, where we’ve just looked at the most competitive rate for each LTV band. TSB is dominating at the moment, especially when it comes to the lower LTV bands.

Lender

LTV

Interest rate

Product fees

ERCs

TSB

50%

2.34%

£995

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

60%

2.34%

£995

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

65%

2.49%

£995

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

70%

2.49%

£995

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

75%

2.49%

£995

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

Barclays

80%

2.69%

£999

5% until the end of the fixed period.

Coventry Building Society

85%

2.95%

£999

5%, 5%, 3%, 3%, 3%, then 1% until end of fixed period.

Coventry Building Society

90%

3.39%

£999

5%, 5%, 3%, 3%, 3%, then 1% until end of fixed period.

Compare mortgages with loveMONEY

As you can see, although these best buy deals offer eye-catching low rates, many also carry hefty fees. So here are the best 10-year fixed-rate deals with no fees at all.

Lender

LTV

Interest rate

Product fees

ERCs

TSB

50%

2.44%

£0

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

60%

2.44%

£0

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

65%

2.59%

£0

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

70%

2.59%

£0

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

TSB

75%

2.59%

£0

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

First Direct

80%

2.94%

£0

3% in year 1 then 2% until end of fixed period

TSB

85%

3.19%

£0

6%, 6%, 6%, 6%, 6%, 5%, 4%, 3%, 2%, then 1% until end of fixed period.

Nationwide

90%

3.99%

£0

7% for four years, then 6%, 5%, 4%, 3%, 2% and 1% until end of fixed period

Compare mortgages with loveMONEY

The pros and cons

A 10-year fixed rate deal can offer peace of mind that your mortgage payments will be the same every month for the next decade.

Another advantage is that you won’t have to go through the hassle of remortgaging that comes with shorter deals and will save on the costs associated with this.

Locking into a 10-year deal means you won’t have to settle for less favourable rates than those on shorter deals would if they wanted to remortgage in the next decade. According to economic forecasts, the Base Rate is expected to rise again this year so there’s a very good chance mortgage rates will climb further.

However, you should also consider what’s going to happen in 10 years. It’s a very long time and your life is likely to change.

You might want to move home for example, which can be harder to do on these types of deals, unless they’re portable. Also, there are fees if you want to pay off your mortgage early.

Long-term fixes generally come with steep early repayment charges (ERCs), which is a percentage charged on the outstanding value of your loan when you redeem it before the end of the term.

Short-term vs long-term deals

Another important thing to remember is that 10-year deals are more expensive than shorter two- or five-year deals.

For example, Sainsbury’s Bank is offering a two-year deal on a 60% LTV at 1.19% with a £745 fee. On a £250,000 mortgage taken out over 25 years, this would mean monthly repayments of £578.30 over the initial period. 

In contrast with the best 10-year mortgage at a 60% LTV, which you can get with TSB for a £995 fee, you get a rate of 2.34% which means you would pay £660.90 a month over the initial period – which amounts to £332.90 more, including the fee. 

You’ll have to decide for yourself whether it’s worth paying a premium for peace of mind.

If you’re interested in a shorter deal take a look at our best buy round-up on two- and five-year fixed-rate mortgages in: The best UK fixed-rate mortgages 2018.

This mortgage news is not the copyright of Trusted Mortgage Brokers – please click here to see the original source of this article. Author:

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