Forget about market uncertainty and opt for a 10 year fixed term mortgage.
Opting for a 10 year fixed term mortgage could be more economical than you think, as well as delivering a level of financial security that could be very welcome in today’s uncertain market.
Typically in the UK, the 10 year fixed term has not been the borrowers most popular option as purchasers opted for the cost effectiveness and flexibility offered by the shorter-term option.
However, market research has shown that a 10 year fixed term mortgage is cheaper today than the shorter term deals offered 6 years ago. As the mortgage market is continuing to experience record low rates, this has put a level of pressure on the longer-term rates, forcing them down.
The advantages today represented by a longer-term mortgage are for the borrower are:
- protection from rising interest rates
- security of knowing amount of fixed monthly repayment
- financial peace of mind for a decade
However, it is worth bearing in mind that, due to market uncertainty, the low rates on offer today may not last the year.
If insulating yourself against future rate rises is important to you, acting now to secure a 10 year deal could be very wise. As a ‘whole of market’ broker, Deal Direct are ideally placed to search the UK market and source a long-term mortgage option for you that suits your requirements.
For the latest information on 10 year fixed term rates, contact a Deal Direct adviser today.
Call 0800 048 8828 to discuss your mortgage options.
