Long Term Fixed Rate Mortgages Online

Looking for the best long term fixed rate mortgages from UK mortgage lenders?

Buying a house is one of the biggest steps that people take in their lives, and it is one of the most exciting prospects for a lot of people. However, it can also be stressful and confusing. There are so many details to work out. Comparing mortgages is one of the most important aspects of buying a house, and there are many different UK mortgage providers who all offer different deals.

If you want to find the best long term fixed-rate mortgage for your needs, you can use our simple quote comparison tool. If you compare long term fixed rate mortgage deals, you may be able to save money as well as make sure you find the right type of mortgage for your needs.

What is a fixed rate mortgage?

A fixed rate mortgage is a type of mortgage where the interest rate does not change over time. This means that you agree the interest rate when you take out the mortgage, and that is the same percentage of interest that you pay for the term of the fixed rate.

What is a variable rate mortgage?

Whereas fixed term mortgages lock the repayment amount, a variable rate mortgage has an interest rate that can change over time and as such how much you repay changes along with it. This means that the interest rate could go up or down, depending on the base interest rate in the country. The interest on a variable rate mortgage could be higher or lower than the interest on a fixed rate mortgage.

Can I get a long term fixed-rate mortgage?

Fixed rate mortgages often have a term limit – this means the number of years where the interest rate stays fixed. There are different terms on fixed-rate mortgages, and over recent years there has been a rise in the popularity of longer term fixed-rate mortgages. Fixed-rate mortgages generally last from one year to ten years. A long term fixed-rate mortgage is generally five years or more.

What is the longest term fixed-rate mortgage?

Some mortgage lenders will offer fixed-rate terms of anywhere from 15 years to 40 years. The exact length depends on the mortgage provider. If you want to find a long-term mortgage, you can compare deals to find the right term for you.

What are the disadvantages of long term loans?

Long term loans generally cost more over the full length of the loan, meaning you would be paying more for your house.

What are the advantages of a long term loan?

Long term loans usually have a lower monthly payment. This means that more people can afford to buy a house.

Is a long term fixed-rate mortgage secured?

A secured loan means that the loan is backed by an asset. This asset can be anything, including a house. Any type of mortgage is a secured loan. If you fail to pay your monthly payments, the house may be repossessed.