More deals and lower interest rates for borrowers seeking 10-year mortgages

Borrowers looking to secure a fixed-rate mortgage for the next decade will benefit from the intense competition between lenders in the 10-year fixed rate sector. 

According to the latest research from, competition within the 10-year fixed-rate sector is at its highest level for over 10 years, with more deals available to borrowers than since Moneyfacts electronic records began in 2007.

Homeowners looking at 10-year fixed-rate mortgages last August had 139 deals to choose from at an average rate of 3.10%. Currently, borrowers have the choice of more than 157 10-year fixed rate deals, with an average rate of 3.01%.

The extraordinary competition between lenders in this sector is driven by demand from homeowners looking to protect themselves from future fluctuations in interest rates, and for some reassurance during this time of economic uncertainty.

Lowest rate in the 10-year fix sector

Newcastle Building Society has just announced the launch of two 10-year fixed-rate mortgage products. Their offer of a 90% loan-to-value (LTV) fixed at 2.89% is, according to Moneyfacts, the lowest rate in the 10-year fix sector with a 90% LTV. The lender is also offering an 80% LTV fixed at 2.85%, plus both products permit early repayment after five years without a penalty.

Data from the Bank of England shows that 92% of all new mortgages taken at the start of this year were for fixed-rates and that the number of borrowers locking themselves into longer-term deals is on the rise.

Rachel Springall, finance expert at, said: “A decade-long fixed-rate mortgage is no doubt a big commitment, so borrowers must feel confident that their circumstances are unlikely to change to avoid the expense of refinancing earlier than expected.

“There is a much larger choice of mortgages within the five-year fixed market, and these should ideally be considered as an alternative.”

“As with any mortgage, it is important that borrowers weigh up the overall true cost of any deal and make every attempt to overpay their mortgage to reduce the amount they owe – especially if they lock into a low rate.”

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