A 7-year fixed rate mortgage has a set interest rate that cannot change for 7 years. Some people prefer the certainty of knowing exactly how much their mortgage payment will be each month, and longer term fixed rate mortgage deals offer just that.
Although suitable for both residential and buy-to-let property, they are most likely to appeal to those buyers who plan to purchase a home that they intend to stay put in. If you are likely to move fairly soon, or are buying an investment property that you intend to sell off in fewer than 7 years, you might benefit from a shorter term deal.
What are the best 7 year fixed mortgages?
At the time of writing, 7 year mortgages are very hard to come by, but they are available. Therefore, if you’ve got your heart set on this deal length, you won’t have a wide choice of lenders, and will likely need guidance from an experienced broker to secure the right deal.
That said, we’ve seen a greater number of 7-year fixed rate mortgage deals available on the market in the past, and it’s perfectly possible that more deals at this length will be available again in the future.
Longer term fixed rates, when available, are likely to be higher than equivalent 2 and 3 year fixed rate deals. However, the difference in the cost of long and short term deals is less significant than prior to 2022, when the Autumn mini budget shook up this element of the mortgage industry.
When it comes to finding the best 7 year mortgage deal available to you, it’s a good idea to speak to a mortgage broker like ourselves to keep on top of new deals that become available in real time.
Compare 7-year fixed-rate mortgages online
What lenders offer 7 year fixed mortgages?
7 year fixed rates are less common than other deal lengths, but they are available from some lenders for both residential and buy to let mortgages.
While we’ve previously seen Santander, HSBC, Barclays and Virgin offer 7 year fixed rate mortgages, at the current time, it’s more likely to be smaller, more niche lenders offering this type of deal.
You can use our live rates comparison tool below to search all of the deals currently available across the mortgage market. Simply click on ‘enquire now’ on your chosen deal to speak to a broker about its suitability.
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Pros and cons of 7 year fixed deals
There are a range of pros and cons to any mortgage, the length of the deal is just one element that might make the deal suitable or unsuitable for your needs.
The table below reflects the main pros and cons of a 7-year fix, however, keep in mind that how these apply to you will depend on your individual circumstances:
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Pros - 7 year fix |
Cons - 7 year fix |
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Provide certainty that your interest rate won’t rise for 7 years, even if rates rise generally |
On the flipside they your rate won’t fall if rates fall generally, meaning you could be stuck paying more than you need to until the deal term ends |
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You won’t have to pay new arrangement fees to remortgage every 2-3 years like you would with shorter deals |
The lowest 7 year fixed rate mortgage won’t always be the lowest rate available to you, as longer fixes tend to be more expensive than shorter ones. Although that isn’t always the case |
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It can be easier to plan and budget your spending when you know how much your mortgage repayments will be for a defined period |
You’re tied into the deal until it ends, meaning if you want to remortgage for any reason you’ll need to pay ERCs. These are typically charged at a percentage of your mortgage balance |
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Rates can be lower than for shorter fixes |
Fewer lenders offer this type of deal, meaning it can be hard to find one that suits your needs |
Are there any restrictions?
With longer fixes lenders will want to be certain that your affordability won’t change for the full deal term, which could mean that they have slightly tighter restrictions on a 7 year deal. However, this would only likely impact those who expect to retire or otherwise see their earnings reduced within that timeframe.
What are the alternatives?
If a seven year fix is not the right length of deal for you, you could try a shorter deal, such as a two-year fixed rate mortgage. Alternatively, for even more certainty that your rates won’t change, you could look at long-term fixed rate mortgages, which tend to range from 10 to 40 years, depending on the lender.
Another option that may suit you if you’re a little more flexible about costs is a lifetime tracker mortgage. These are usually denoted by the Bank of England’s base rate, and while you can pay more when rates are high, you’ll also always benefit when the base rate falls.
Compare 7-year fixed-rate mortgages online
You can use our live rates comparison tool to compare the latest 7-year fixed-rate mortgages deals yourself, but the best way to find the ideal mortgage for you is through a broker.
Our mortgage advisers have access to the entire market, which includes exclusive deals and products from lenders who don’t deal with the general public directly, and they can offer bespoke advice about which one is the best fit for your needs and circumstances.
When you enquire about a specific mortgage rate on Money Helpdesk, one of our brokers will compare that deal with every possible alternative for you. But if you want to jump right into a free, no-obligation consultation with one of our brokers, you can get started here.
FAQs
The 7-year fixed-rate mortgages that have been offered in the past have broadly similar interest rates to 5-year fixes, and are generally lower than mortgages with short-term fixed rates.