Which are the best long-term fixed rate mortgages – and should you get one?

When considering whether to take out a long-term fixed-rate mortgage deal, borrowers need to balance the benefit of having certainty on their repayments with the reality they could end up paying more than they would with a shorter-term fixed-rate or variable-rate mortgage product. In this article we explore the advantages and disadvantages of fixed-term mortgage deals of 10 years or longer, helping you to decide which is the best long-term fixed-rate mortgage for your circumstances.

What is a long-term fixed rate mortgage?

A long-term fixed-rate mortgage is a product that provides a set interest rate for the duration of the deal. The most popular fixed-rate mortgages in the UK are for 2 or 5-year fixed-rate terms, although there can be some good deals to be found if you choose a longer-term deal of 10 years or longer. Although many borrowers may hesitate to fix current mortgage rates over the long term, there are many scenarios where it could help with planning and budgeting.

For more information on fixed-rate mortgages, read our article "What is a fixed rate mortgage? Everything you need to know" and for the best fixed-rate mortgage deals, read our regularly updated article, "Best fixed-rate mortgage deals in the UK".

How to choose the length of your fixed-rate mortgage deal

Whether you are a first-time buyer or looking to remortgage from your current deal, choosing the right mortgage deal is an important decision to make. If you have decided to opt for a fixed-rate deal, the next thing to work out is how long you want to fix for - 2, 5, 10, 15 years or longer. This will be based on several factors, which we explain below.

What you think is going to happen to interest rates

With mortgage rates directly impacted by the Bank of England base rate, there is always a great deal of speculation regarding if and when interest rates are going to change. Rates had been low for over a decade but increased sharply in the latter part of 2022 after increases to the base rate of interest were instigated by high inflation. You can read more in our article "Will interest rates continue to fall in 2026 & how low will they go?"

How important is financial certainty to you?

For some people, knowing exactly what their monthly mortgage payment will be, with no risk of it changing, is paramount. They would rather sacrifice the potential to make a saving for the benefit of having greater certainty and being able to budget their expenditure around that. For those people, fixing for an extended period can be a good option.

How expensive is it to fix for an extended period?

Certainty has historically come at a price and longer-term fixed-rate deals tended to be more expensive than shorter-term options. This is still true if you are borrowing at a high loan-to-value (LTV) but you may find that interest rates don't differ much between 5 and 10-year terms when you borrow at a low LTV such as 60% of the property value. Factors such as the overall loan-to-value (LTV) will play a part in determining the rate you will pay. If you have a relatively small mortgage and the LTV is also low, a higher rate won't have as much effect as it will for those looking for a larger sum of money at a higher LTV.

Your age and circumstances

If you are considering a longer fixed-rate deal, you may not be eligible for it if you are over a certain age as some lenders don't accept people who will be over retirement age before the end of the introductory period. In addition, you need to consider whether you are likely to want to move during the fixed-term period and whether the mortgage allows you to do so without incurring a penalty.

What are the advantages of a long-term fixed-rate mortgage?

Save money on mortgage arrangement fees

Whether you are on a fixed-rate or variable-rate mortgage deal, when you come to the end of the initial period you will be moved on to the lender's standard variable rate, which could be significantly higher than what you have been used to paying. At this point, most people choose to remortgage to another deal, often using the services of a mortgage broker or opting to apply directly with a lender. With most new deals, you will have to pay an arrangement fee, which can be anything up to around £2,000. This can either be paid upfront or added to the mortgage. If you choose to add it to the mortgage, you will end up paying considerably more as you will be liable for interest on the amount. You may also have to pay a fee for the broker's services, although many brokers are paid a fee by the lender.

If you move from one 2-year fixed rate deal to another, you could potentially add £10,000 to the cost of your mortgage over its lifetime as you will have to pay the arrangement fee each time. However, if you opt for a longer-term fixed-rate deal, you will avoid having to pay these fees. Overall, though, you need to consider whether the higher rate you are likely to pay for, say, a 10-year fixed rate deal will cancel out the saving on arrangement fees over the lifetime of the product.

Help with budgeting

While in the UK we tend to go for shorter-term mortgages and change deals frequently, in other countries, such as Germany and Japan, homeowners generally prefer longer fixed-rate deals. This is because they want to mitigate the risk of interest rates going up, making higher monthly repayments difficult to manage.

Having moved from relatively low interest rates to rates around 4% to 5% on average, borrowers may be apprehensive about locking in rates. It can seem sensible to wait and see if rates fall before doing so but they can always go up too and house prices will play a part in your decision.

For some borrowers, the risk of significant rises in their monthly repayments - and a larger total amount to be paid back - is too great to take. Instead, they prefer to fix for as long as possible - paying a premium to do so - in exchange for certainty and clarity on their monthly outgoings.

Save money if interest rates go up

If you manage to fix while mortgage rates are low, there is the potential to benefit from being on a very attractive deal if interest rates then start to rise. By fixing for a longer period, you could stand to benefit if the UK experiences a prolonged trend of rising rates. However, you need to keep in mind you will be paying a higher rate initially for the longer-term fixed-rate deal and so, realistically, rates would have to increase by more than 2% for you to start seeing a real benefit. There is also no certainty that rates will move in the direction you want, so you could be disappointed. As such, choosing the best deal for you should take into consideration your wider circumstances rather than being a straight bet on interest rate movements.   

What are the disadvantages of a long-term fixed-rate mortgage?

Moving house can be problematic

Many longer-term fixed-rate mortgages aren't portable, which means you can't transfer them if you want to move to a different property. This means you will need to stay in your original property for the duration of the deal or face paying a penalty. For some lenders this means paying an early repayment charge (ERC) of between 1% to 5% and upwards of the outstanding balance.

These charges can prove to be prohibitively expensive for many homeowners and this lack of flexibility is a key reason many people avoid longer-term fixed-rate deals.

It can be more expensive

With higher rates for longer-term fixed-rate products - sometimes 2% to 3% more than for a 2-year fixed-rate deal - you will end up paying more on a monthly basis and over the lifetime of the product. This will be offset if interest rates do rise and you are paying below the market average, but that isn't guaranteed. Another factor is that you will be fixed at a certain LTV and won't benefit from that LTV reducing if the value of your property increases and your loan amount decreases.

Fewer products to choose from

Following the financial crisis in 2007, many fixed-rate deals of 10 years or longer were pulled by lenders. While they are returning to the market, there are still significantly more options for 2, 3 and 5-year fixed-rate deals. This means that if you want a fixed rate for 10 years or longer, you will be limited to fewer lenders and fewer choices in mortgage features. This can be particularly problematic if you have more specialist requirements like, for example, having impaired credit. In this situation you may struggle to find a lender who will accept your application or, alternatively, may have to accept less favourable terms, such as a higher interest rate.

How much will a long-term fixed-rate mortgage cost?

In the table below we highlight the difference in the monthly repayments and the total amount paid off for different lengths of fixed-rate terms. The calculations are based on a typical rate for each fixed-rate term for a 60% LTV mortgage for £210,000 on a property worth £350,000 on a 25-year term.

Best long-term fixed rate mortgage comparison

Fixed-rate term	Interest rate	Monthly repayment	Amount paid off in first two years
2-year	3.55%	£1,056	£10,820.37
5-year	3.75%	£1,079	£10,535.92
10-year	4.35%	£1,149	£9,715.49
25-year	5.60%	£1,302	£8,161.20

The figures show that if you take out a 25-year fixed rate mortgage, you will have paid almost £2,500 less in the first two years than if you had taken out a 5-year fixed product. Long-term rates are few and far between but more importantly, they offer less value than was the case before rates began to increase in 2022. As you can see from the table, you will pay off the least amount of capital from your mortgage balance if you choose a 25-year term. This may not play out consistently as long-term interest rates will change from time to time and the current rates are still settling after the impact of September 2022's mini-budget. What is key to note is the benefit of comparing the overall cost of a long-term fixed interest rate with that of a short-term fixed rate in terms of the flexibility they offer and what they cost over the term of the mortgage including arrangement fees.

Which are the best long-term fixed-rate mortgage providers?

Kensington Mortgages

Kensington Mortgages has come to market with its Flexi Fixed for Term range of fixed-rate mortgages of between 11-40 years. The rates are relatively competitive and the fees, low based on the duration of Kensington's mortgage deal periods but they do, however, attract an early repayment charge in some circumstances.

The key features of Kensington Mortgages are:

• You can fix the rate for the duration of the term
• Early repayment charge payable if you borrow funds from another lender to repay the loan in full, between 2% to 7%
• Potential to pay a higher completion fee of £1,499 in exchange for slightly lower interest rates
• Free valuations and no legal fees for remortgages

Kensington Mortgages Flexi Fixed for Term mortgage rates

Mortgage term	15 years	20 years	25 years	30 years	35 years	40 years
60% LTV	5.57%	5.59%	5.60%	5.65%	5.71%	5.84%
85% LTV	5.94%	6.04%	6.05%	6.10%	6.15%	6.26%

Figures correct 3rd March 2026

Kensington Mortgages has a good track record for customer service, scoring 4.6 out of 5 on Trustpilot, based on over 7,000 reviews.

Perenna Mortgages

Perenna is a specialist mortgage provider that offers long term fixed rate mortgage deals. As well as offering mortgage loans of up 6 times income, the lender also stands out for applying no age caps to allow for mortgage arrangements into retirement.

The key features of Perenna Mortgages are:

• A guaranteed fixed rate for up to 15 years for residential mortgages
• Fixed for life mortgages
• The mortgage is portable in the event of a house move, as long as the value of the new property is the same as - or higher than - the original property
• The early repayment charges reduce over the initial 5 years of the mortgage contract from 5% in year 1 down to 1% in year 5
• Lending multiples of up to six times income
• Fees are between £0 and £1,999

Perenna mortgage rates fixed 15 years

LTV	Rate with £995 fee	Rate for fee-free rate
Up to 60% LTV	5.46%	5.50%
Up to 90% LTV	5.79%	5.83%

Figures correct 3rd March 2026 

Perenna mortgage rates fixed for 25 year term

LTV	Rate with £1,999 fee	Rate for fee-free rate
Up to 60% LTV	6.09%	6.21%
Up to 90% LTV	6.57%	6.69%

Figures correct 3rd March 2026 

Alternatives to long-term fixed-rate mortgages

When you are deciding which mortgage is right for you, it is important to consider the full range of products available. If you are new to the subject, check out our article "Beginners guide to mortgages". If you are considering a tracker mortgage instead of a fixed-rate deal, read "What is a tracker mortgage and is it right for you?".

 

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