Should you switch to a long-term fixed mortgage?

With interest rates at historic lows, the idea of locking in a fixed mortgage rate may be appealing. Sarah Moore looks at some of the best on the market at the moment.

With interest rates at historic lows, the idea of locking in a fixed mortgage rate may be appealing. Long-term fixed-rate mortgages are fairly rare in the UK: we typically fix rates for just two or three years. However, there are longer deals available, with the standard longest term being ten years.

There are obvious advantages to entering into such a long-term fixed rate. You know exactly how much your mortgage payments will be for the next ten years, meaning you can budget better for the medium term. You might also save money on remortgaging fees, given that you won't have to renew for several years. However, a ten-year fix won't be the best deal for everyone.

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Sarah is MoneyWeek's investment editor. She graduated from the University of Southampton with a BA in English and History, before going on to complete a graduate diploma in law at the College of Law in Guildford. She joined MoneyWeek in 2014 and writes on funds, personal finance, pensions and property.