Long term fixed mortgage deals
But it's important to remember that the initial term you choose isn't set in stone: just because you're taking out a year mortgage now doesn't mean that's how long your mortgage will end up lasting. You could choose a shorter mortgage term if you remortgage. In fact, taking a longer mortgage for the sake of smaller monthly repayments may be the right choice for you initially, but that could easily change.
It's worth checking you're allowed to overpay when you take out your mortgage initially.
Best Mortgage Rates Year Fixed - Compare Today's Current Year Fixed Rates - %
Many lenders do allow it, but others won't. It's a process as simple as its name: you simply pay more than you'd agreed to. This could be on a monthly basis, or whenever you have the means to do so. Overpaying like this reduces the total amount you have to pay overall, so it's worth investigating.
Even if you're attracted to the lower monthly repayments, there are sadly some disadvantages to longer-term mortgages that you should think about. Unfortunately, a longer-term loan means you'll pay more in interest. This means your overall repayment will be higher. So, if you do opt for a long-term mortgage, it's a good idea to make overpayments as and when you're able to.
This'll help to reduce the amount you owe quicker. Although having a longer-term mortgage may seem like the safest option in terms of affordability, it could be trickier to manage if you ever fall into difficulty repaying your mortgage. In the past, mortgages tended to last for a maximum of 25 years. However, if you're already in a position where your mortgage is as long as your lender's prepared to make it, you may not be able to extend the term.
This could leave you in a perilous position, especially if you're an older person taking out a longer mortgage.
Remortgaging in 12222 – is now the right time to fix & for how long?
Continue Find out how to manage cookies and view our policy here. Find out more about longer-term mortgages. Need more information? Mortgage guides. Although we can only help you compare mortgages of up to 35 years, doing so could give you a cheaper monthly payment on your mortgage. Use our mortgage rate index to get the very latest rate predictions to help you make an informed decision.
What is a long-term fixed rate mortgage?
Try adjusting your mortgage details, or call one of our FCA Regulated independent mortgage advisors. Mortgage Details Interest Only Increasingly hard to get more risky for the bank Only pay the interest due on your mortgage Original loan amount left to pay end of the term Repayment Most common type of mortgage Pay off capital as well as interest Nothing left to pay at end of the term Searching: 5 Year Fixed.
Repayment Interest Only Property Value. Loan Required. Term Length Term Length The length of time you borrow the money. The average length is 25 years. This doesn't mean you have to keep the mortgage for 25 years, after the intial period you are generally able to look for a better deal without being penalised.
Just make sure you ask about any Early Repayment Charges on the mortgage. Initial Period Initial Period The length of time that you have to pay the initial rate.
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Fees Up to. Monthly Payment Up to. Back to Results. The Pros and Cons of Fixing In a world of fluctuating interest rates are you looking for a reliable repayment plan?
What is a Fixed-Rate Mortgage? Forward planning.