Is it time to start looking at 10 Year Fix mortgage options
Lock your mortgage payments into a long-term fixed rate
It’s fair to say there currently economic uncertainty in the UK so why not cement your mortgage on a long term fix, say for ten years. Mortgage bills are usually one of the main household expenses so it’ll be one less thing to think about.
A rationale statement but rate switching is part of the UK culture now; mobile phones, utilities, tv packages and mortgages. And, as a Nation and we generally find it hard plan ahead for the long term so why would you ever consider a 10 year fixed?
Despite this I have however heard from Mortgage Lenders that this sentiment is softening due to fear rates are expected to rise plus product innovation has meant some Mortgage Lenders are not holding you to staying in the same property for 10 years.
As a Mortgage Broker I’m well placed to describe the mortgage product innovations which are indeed helpful.
Early Repayment Charges
Historically, fixed rates have attracted exit charges for at least the duration of the fixed period. However there are now a current breed of 10 year fixed rates that only penalise you if you repay the mortgage in the first 5 years.
This facility on some mortgage products allows you to transfer the outstanding mortgage balance on the ten year fix to a new property. If the mortgage is a residential it must be transferred to another property you intent to live in. Likewise, if a buy-to-let to another let property.
Examples on Ten Year Fixed Rate Mortgages
Niche Advice offers appropriate mortgage advice including to customers seeking 10 Year Fix mortgage rates. To find out more please complete the Contact Form on this website or call T: 020 7993 2044.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.