«Breaking News» 10-year fixed-rate mortgages for homeowners fearing Brexit uncertainty sky rockets

The number of ten-year fixed rate mortgages for homebuyers who want to protect themselves from Brexit economic uncertainty has surged from 16 to 150 in the past five years, analysis shows.

The loans are attractive to buyers who want to be confident about the level of their monthly payments as the Bank of England hints at more interest rate rises. 

The average rate on the deals is currently 3.05 per cent – down from 4.61 per cent at the beginning of 2014.

But Moneyfacts.co.uk, which compiled the analysis, said the advantage of not having to worry about interest rates until 2029 has to be weighed up against committing to such a long-term deal – during which circumstances might change.

The number of ten-year fixed rate mortgages for homebuyers who want to protect themselves from Brexit economic uncertainty has surged from 16 to 150 in the past five years

Homeowners could face hefty penalties if they need to exit their mortgage early.

Darren Cook, finance expert at Moneyfacts.co.uk, said 84 per cent of the 150 deals offer an option to move home during this period and resume the mortgage on the same terms at a new property.

He stressed: ‘In times of uncertainty, a decade-long fixed mortgage could be a safe haven for borrowers looking to secure their payments over the longer term.’

He added: ‘A ten-year fixed rate mortgage will need a lot of consideration, with borrowers looking at all the options.’

Homebuyers stand to get a significantly better deal on such an arrangement than they would have five years ago.

But the average rate is slightly higher than this time last year - when it was 3.02 per cent – when there were only 89 deals on the market.

The average two-year fixed mortgage rate is currently 2.51 per cent while for a five-year deal it stands at 2.92 per cent, said Moneyfacts.co.uk.

Last August, the Bank of England raised interest rates for only the second time in a decade.

It lifted the rate from 0.5 per cent to 0.75 per cent, meaning 3.5million people with variable or tracker mortgages started paying more each month.

Bank of England governor Mark Carney has said there will be further ‘gradual’ rate rises in future.

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Main photo article The number of ten-year fixed rate mortgages for homebuyers who want to protect themselves from Brexit economic uncertainty has surged from 16 to 150 in the past five years, analysis shows.
The loans are attractive to buyers who want to be confident about the level of their monthly payments as...

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