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10 year fixed rate mortgages

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Author
Atousa Cunnell
Updated by
James Andrews
Last updated
April 23rd, 2026
Reading Time -
7 mins
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What is a 10 year fixed rate mortgage?

A 10 year fixed rate mortgage is a home loan where your interest rate remains identical for the first 10 years of the term. Unlike variable or tracker mortgages, your monthly repayments won't change, even if the Bank of England raises base rates.

A 10 year fixed rate mortgage is best for homeowners planning to stay in their property long-term who prioritise budget stability over flexibility.

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Why choose a 10 year fixed rate mortgage?

Choosing a mortgage is one of the biggest financial decisions you’ll make. While 2-year and 5-year fixes are more common, the best 10 year fixed rate mortgages are currently seeing a surge in popularity. Here’s why:

  • Immunity from mortgage rate hikes: Interest rates are influenced by the Bank of England’s base rate, which can be volatile. With a 10 year fix, you are effectively "inflation-proofing" your biggest monthly expense. Even if market rates double or triple in the next few years, your payment remains frozen in time.

  • Easier budgeting: In an unpredictable economy, having a fixed monthly cost offers real peace of mind. By locking in your rate for 10 years, you can focus on long-term goals like building a retirement fund or saving for your children's future, safe in the knowledge that your mortgage repayments will remain exactly the same.

  • Save on potential fees: By fixing for 10 years, you avoid any arrangement fees and legal costs associated with remortgaging every few years.

Choosing whether or not to fix your mortgage rate for 10 years is a personal decision that will depend on your risk appetite, personal circumstances and need for certainty.

Is a 10 year fix right for me?

Choosing a 10 year fixed rate mortgage is best if you plan to stay in your property long-term and want to protect your budget from future interest rate changes.

The best 10 year fixed rate mortgage deals offer a decade of payment certainty, making them an ideal choice for "forever home" buyers or those on a fixed income seeking total peace of mind. By locking in now, you can hedge against market volatility and ensure your monthly costs remain unchanged well into the 2030s.

Do I need a larger deposit for a 10 year fixed rate mortgage?

You may be able to get a 10 year fixed rate mortgage with just a 5 or 10% deposit, but the more you're able to put down, generally the better deals you’ll have access to.

Some lenders may actually request that you have a deposit of at least 15% to 20%, while others want you to have 40% set aside.

Saving up for a deposit for longer can bring your interest payments down significantly, and since longer fixes typically charge more, this can tip the balance on whether a 10 year fix is best.

Pros and cons of 10 year fixed rate mortgages

Pros

Mortgage rates won't rise if the economy changes.
Your monthly payment remains exactly the same.
Fewer remortgaging cycles means fewer setup fees so you cost save.
Guards against your lender changing its standard variable rate (SVR)
Makes long-term budgeting easier

Cons

You often pay higher interest rates than other mortgage types
If rates fall, you’ll be locked into a more expensive mortgage
High early repayment charges if you want to leave the deal early.
It’s unlikely to be the best deal if you plan to move home

How to find the best 10 year fixed rate mortgage

  • Check your Loan-to-value (LTV): The more equity (or deposit) you have, the lower the rates. The most competitive deals usually start at 60% LTV.

  • Factor in the fees: A "low rate" deal might have a £1,999 arrangement fee, while a slightly higher rate might have no fee at all. To understand the true total cost over the full decade, it’s best to speak to a mortgage advisor who can compare the fine print for you.

  • Look at portability: Ensure the mortgage can move with you if life takes you to a new city.

  • Check overpayment limits: Most 10 year fixes allow you to overpay by 10% per year interest-free. This can help you clear your debt years earlier.

Find your best 10 year fixed mortgage deal
“The best 10-year fixed-rate mortgages offer a powerful financial shield, locking in your interest rate until the mid-2030s. It’s a perfect 'set and forget' move for those in their forever homes who want to avoid the recurring fees and stress of remortgaging every few years. Just keep an eye on the early repayment charges and ensure the deal is portable so you stay protected if life takes you in a new direction.”
Author image
Atousa Cunnell
Content Producer - Mortgages

10 year fixed rate mortgage FAQs

Can I move house on a 10 year fixed mortgage?

Yes, most lenders offer "portability," meaning you can transfer the deal to a new property. However, you will still have to re-apply and pass the lender's affordability checks at that time.

Can I pay off my mortgage before the ten year term ends?

Yes, but you will usually have to pay an ERC, which can cost thousands of pounds. Most lenders say you can overpay 10% of the outstanding debt each year, but rules vary.

What happens after the 10 years?

Once your 10-year fixed mortgage deal has finished, your lender will move you to its standard variable rate (SVR).

This rate is often higher than other fixed or variable deals, so you should consider remortgaging as soon as possible. You can opt to switch to either a fixed or variable rate deal, and you can change your mortgage provider or stick with the same one (known as a product transfer).

About the author

Author imageAtousa Cunnell
Atousa Cunnell
Atousa is a Content Manager for money.co.uk, responsible for writing and editing a wide range of mortgage content that are helpful to the reader.

money.co.uk is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.

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Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.