Should I get a five or 10-year fixed mortgage? Pros and cons

How do rates on two, five and 10-year fixes compare?

Bear in mind some lenders offer three-year fixed deals – a few, seven-year deals too.

And remember mortgage deals can be pulled at short notice, so treat the table above as an indication. To compare the very latest mortgage rates see our Mortgage best buys tool.

Is it worth going for a longer fixed deal?

As with everything, there are pros and cons to fixing your mortgage for the longer term...

Pros of fixing for the longer term

✅ Protection against interest rate hikes. The main reason to fix a mortgage is to lock in today's interest rate for a set period. Once you're locked in, it doesn't matter whether interest rates go up or down, your interest rate will stay the same for the length you've locked in. The longer you're locked in for, the longer you're potentially protected.

✅ You'll likely pay less in fees. Every time you get a new mortgage deal you'll have to pay a set of fees, the most expensive normally being the arrangement fee – typically setting you back around £1,000 alone. Therefore over the course of, say, a 25-year mortgage term, the fewer times you need to take out a new deal the less you'll likely pay in fees overall.

✅ You're protected if lending criteria changes. If mortgage lenders tighten their lending criteria, you might find it difficult to remortgage. A longer deal could protect you from this, at least until the fix ends (by which time lenders may have eased their criteria again).

✅ You'll be credit checked fewer times. Each time you apply for credit (like a mortgage) you'll be credit checked, and each credit check leaves a mark on your credit file. Too many of these marks in a short span can be a reason for credit or mortgage rejection in its own right. A longer fix means you won't need to spend as many applications as a shorter fix.

Cons of fixing for the longer term

❌ You could end up on a poor interest rate. If interest rates fall but you're locked into a longer-term fix, you could end up paying far more interest than you might have done.

❌ There's no guarantee you can take the mortgage with you if you move home. Many mortgages are 'portable', so you may be able to take your deal with you if you later move home. But there's no guarantee your lender will agree to it, so there's a risk you'll need to pay an early repayment charge to move home. See our Port a mortgage guide.

❌ You'll be charged if you repay the mortgage early. For example, if you come into inheritance. Lenders tend to allow you to overpay a mortgage by roughly 10% each year, but overpay by any more (or completely repay) and you'll face an early repayment charge.

How long should I fix for?

There's no right answer to how long you should fix for. So much depends on your own financial circumstances, and you shouldn't think it's only about the interest rate you can get.

What we would say is the less spare cash you have to meet possible rate rises and the more you value budgeting certainty, the more you should hedge towards a longer fix. Yet while a lengthier fix can give you certainty, remember if you leave the deal before the fix ends then you'll face an early repayment charge – something which can be very expensive.

With decisions like this, we'd always urge you to seek the advice of a mortgage broker.

And it's also worth having a read of our What mortgage to choose? guide.