10-year fixed-rate mortgages

What is a 10-year fixed-rate mortgage and how does it work?

A 10-year fixed-rate mortgage allows you to lock in a set rate for a full decade. This means your interest rate - and therefore your monthly mortgage payments - will stay the same for ten years.

While it can sound intriguing not to have to worry about interest rate changes or remortgaging hassle for a long time, it’s worth bearing in mind that ten-year fixes aren’t cheap. You will likely pay a premium for locking in a rate for so long (though, depending on specific lender strategies and market predictions this isn’t always the case). You may also miss out if rates do fall during the lifetime of your mortgage deal.

Should I fix for 10 years?

It’s pretty rare for homeowners to opt for a 10-year fix. In fact, in the first quarter of 2025, less than 0.5% of our mortgage applications went for 10-year fixed-rate mortgages. They were slightly more popular back in the first quarter of 2023, when just over 1% of customers opted for a 10-year fix. That’s likely because the industry largely expected rates to rise throughout 2023 (and they did), which may have led to a small number of borrowers opting to lock in a rate for a longer period to avoid potential increases. 

Ten-year fixes only really come into their own when rates are at particularly low levels but expected to rise - and fast. But even then, there’s no way of knowing what will happen in a decades’ time which makes such a long-term fix risky for both you and the lender. Lenders often account for this risk by pricing 10-year fixes at a higher rate than other fixed-rate products. This makes them one of the more expensive mortgage options.

Advantages of a 10-year fix

• Supreme stability. Your monthly mortgage payments will stay the same for the entire 10-year period. This can make budgeting easier, as you’ll know how much your largest monthly outgoing will be for a significant period of time. 

• Long-term protection against rate rises. If rates rise higher than your current deal at any point during your ten-year fix, you won’t need to worry. You’ll carry on paying your fixed rate of interest. 

• Remortgaging relief. You’ll avoid the cost and admin involved with remortgaging with a new lender every few years. If it costs you, on average, £1,000 in product and administration fees every time you remortgage you could save around £5,000 in remortgaging costs by opting for a 10-year fix versus a series of 2-year fixes. 

• Criteria consistency. If mortgage lenders change their criteria or tighten their affordability rules in the future, your existing deal will remain unaffected until the end of your fixed term. No worrying about whether or not you’ll be able to remortgage every few years.

• Potential to lock in a lower rate initially. In very specific economic climates, longer fixed rate deals may be more competitive than short-term fixes. However, this may very well change throughout the course of the ten-year introductory period. 

Disadvantages of a 10-year fix

• Higher interest rates. Interest rates on a 10-year fixed deal are likely to be higher than those on a short-term fixed or variable rate mortgage. This could mean you’ll end up paying more interest over the long term than someone on a series of shorter deals.

• Miss out on rate drops. If rates fall during the ten year period, you’ll be left paying a higher rate until your deal ends. 

• Less flexibility. Want to change mortgage deals, pay off your mortgage early, move house or make significant overpayments? You’ll likely face significant early repayment charges. 

• Porting problems. While some lenders allow you to transfer a 10-year fixed-rate mortgage to a new property, this is not guaranteed and could make moving home more difficult. 

• Loan-to-value limitations. Your loan-to-value (LTV) ratio may well improve over the course of 10 years. However, as you’ll be locked into a 10-year deal, you may end up paying a higher rate than one you’d qualify for with the lower LTV option. 

• Tougher lending criteria. Lenders tend to ask you to put down a larger deposit (or have a larger amount of equity if you’re remortgaging) to qualify for a long-term mortgage. 

Can I fix my mortgage for longer than 10-years? 

It’s not unheard of for you to be able to fix for longer than ten years, but it is rare. Some lenders, such as Kensington Mortgages, offer the option to fix your mortgage for the whole mortgage term - right up to a maximum term of 40 years. 

It’s very likely that longer-term fixed-rate mortgages will carry much higher interest rates than other products available on the market, due to the fact you’re locking in a rate for longer. While this might potentially suit your budget now, you’ll need to factor in any future changes to your circumstances to make sure a long-term fix is the right option for you. This can be really tricky to do as none of us know what the future holds.

Average 10-year fixed mortgage rates in the UK

The rate you’re offered for a 10-year fixed-rate mortgage will be personal to you. Lenders will make a decision based on things like your financial circumstances, credit history, deposit size, and eligibility against their own criteria. 

Typically speaking, the lower your loan-to-value ratio (the amount of money borrowed versus the property’s value) the more competitive rates you’ll have access to. 

The table below shows the average rate for ten-year fixed-rate mortgages available from five of the biggest UK lenders (Santander, Nationwide, Natwest, Halifax and HSBC). 

*Data accurate as of 29th April 2025

Is now a good time to fix for ten years?

Mortgage rates can be a bit of a rollercoaster ride, meaning there’ll be plenty of ups and downs over the course of ten years. So there’s no way to say when the ‘best’ time to fix is. 

Though mortgage rates have fallen over the last few years, they’re still nowhere near the 2% rates we saw back in the early 2020s. Those who fixed for ten years back in 2020, for example, may well have benefited from securing a lower rate for the last few years… but who knows what will happen in the next five? 

What are my other fixed-rate mortgage options?

The proportion of customers applying for selected products is based on Mojo Mortgages’ internal customer application data.

Rates and details of products available from selected lenders are correct as of 29 April 2025. These are subject to change and may not be available when you are ready to submit an application.