A 10-year fixed-rate mortgage is a long-term home loan where your interest rate is locked in for a full decade. Unlike more common two or five-year fixes, this product offers a much longer period of financial immunity from market volatility.
While it is one of the less common fixed-term lengths on the market, a 10-year fix can be an attractive prospect for homeowners who value long-term stability above all else.
Are 10-year fixed-rate mortgages currently available?
Yes, 10-year fixed-rate mortgages are currently available in the UK market, though they represent a smaller segment of the industry compared to 2 or 5-year deals. Their availability often fluctuates depending on the economic climate and "swap rates" (the rates at which banks lend to each other).
Right now, as markets anticipate a leveling off of interest rates, these products remain a staple for borrowers who want to "set and forget" their housing costs. While they are less common than shorter fixes, most major lenders maintain at least one or two 10-year options for those with sufficient equity - typically at least 10% to 20%.
How a 10-year fixed-rate mortgage works
When you take out a 10-year fixed-rate mortgage, you agree to an interest rate with your lender that will remain unchanged for the first 120 months of the term. This means your monthly repayments are guaranteed to stay the same, regardless of whether the Bank of England increases the base rate or if the economy faces turbulence.
Because the lender is taking on the risk of interest rates rising over a very long period, 10-year fixes often come with slightly higher interest rates than shorter-term alternatives. However, they also save you from the "mortgage cliff" every few years, where you would otherwise have to pay new arrangement fees and undergo fresh affordability checks to secure a new deal.
What happens after the 10 years?
Once your decade-long introductory period ends, you will typically be moved onto your lender’s Standard Variable Rate (SVR).
The SVR is almost always significantly higher than your fixed rate and can fluctuate at the lender's discretion. To avoid a sudden jump in your monthly costs, most borrowers look to remortgage or switch to a new fixed-rate deal about six months before their 10-year term expires.
Advantages and disadvantages
Choosing to fix for a full decade is a big commitment. Here is a breakdown of the benefits and the potential pitfalls:
Advantages
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Long-Term Peace of Mind: You are protected from interest rate spikes for 10 years, making it the ultimate tool for long-term budgeting.
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Reduced Fees: By fixing for 10 years instead of five, you avoid the arrangement fees and legal costs associated with remortgaging mid-way through that decade.
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Protection Against Criteria Changes: If your financial situation changes or lending rules tighten in five years' time, you won't need to worry about passing a new affordability check until your 10-year deal ends.
Disadvantages
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Higher Initial Rates: Lenders usually charge a premium for the security, meaning you might pay more per month initially compared to a 2-year fix.
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Less Flexibility: If you need to move house or pay off your mortgage early, you may face substantial Early Repayment Charges (ERCs).
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Missing Out on Drops: If market interest rates fall significantly during those 10 years, you will be stuck on your higher fixed rate while others benefit from cheaper deals.
Who is a 10-year fixed-rate mortgage for?
A 10-year fix is generally best suited for "forever home" owners - people who have no intention of moving or selling for at least a decade. It is also popular with those on a strict fixed income who cannot afford for their mortgage payments to increase by even a small amount.
If you are a first-time buyer who might want to move to a larger home in three or four years, or if you expect to receive a windfall that would allow you to pay off your mortgage early, a shorter-term fix may be a better fit.
They are also aimed at anyone who is concerned about interest rate uncertainty in the long run.
Compare 10-year fixed-rate mortgages online
Since the options can be limited if you need a 10-year fixed-rate mortgages, the best way to compare the latest deals available is with the help of a professional.
Our mortgage brokers specialise in long-term fixed-rate mortgages and often have access to exclusive deals from lenders who don’t offer mortgages directly to the general public.
Book a free, no-obligation chat below and one of our advisers will compare all of the latest 10-year fixed-rate mortgages for you to ensure you find the right deal.
Find a 10-year fixed-rate mortgage deal
Available mortgage lenders
While the roster of lenders changes as products are launched or withdrawn, several major UK institutions traditionally offer 10-year fixed terms. Examples include:
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Lloyds Bank & Halifax: Often provide 10-year options for both home movers and those looking to remortgage.
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Barclays: Known for offering long-term fixes, sometimes with specific "loyalty" perks for existing customers.
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Santander: Frequently features 10-year products in their range, often catering to those with a 25% deposit or higher.
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Virgin Money: A common provider of long-term fixed rates with varying fee structures.
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Nationwide Building Society: Occasionally offers 10-year fixes, particularly focused on offering stability to existing members.
How to get the best 10-year fixed deal
Because 10-year fixes are more niche, not every high-street lender offers them. To secure the best rates, you will generally need:
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A Healthy Deposit: The most competitive rates are usually reserved for those with at least 25% to 40% equity.
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Good Credit: Lenders looking at a 10-year horizon want to see a proven track record of financial responsibility.
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Professional Advice: A mortgage broker can help you determine if the "certainty premium" is worth it for your specific circumstances.
Get started here to begin a free no-obligation chat with a broker who specialises in 10-year-fixed rate mortgages, can compare the latest deals for you and help you find your ideal mortgage.
FAQs
Most lenders allow you to overpay by up to 10% of the outstanding balance each year without penalty. However, if you exceed this limit, you will likely trigger an Early Repayment Charge (ERC).