Mortgage broker, Deal Direct advises on the best long-term fixed rates.

If you think a 2 year fixed rate loan is much cheaper than the longer-term option, mortgage broker Deal Direct can compare affordability for you – and you may be surprised at the results.

The gap between the rates charged for short and longer-term mortgages have been closing, so much so that you may find it suits your circumstances better to fix for 7 or even 10 years instead of 2 – 5.

The average price of the shorter-term fixed rates has been increasing, gradually making the historic low rates a thing of the past. The increases may only have been small percentage points, however, don’t let this lull you into a false sense of security.

Near historic-low rates are still available, but more so for the longer-term fixes.

The difference in the average repayment sum, if you opt for a 10 year fix compared to a 2 year fix, could be just £77. This figure would obviously alter, up or down, depending on the rate secured and the amount borrowed.

The main advantage of the longer-term fix is knowing that your repayments will be the same every month for the next 10 years. Even if the base rate soars, your mortgage repayments will stay the same, but only if you act now.  

Find out about the suitability and affordability of a longer-term fixed rate option by contacting Deal Direct.

Chat with one of our experts online now or call us on 0800 048 8828.