19th Oct, 2018
In recent years, two-year mortgage deals have been the most popular. But with the historically low interest rates gradually rising, the sector has witnessed a shift towards longer fixes.
Deciding how long to tie yourself in for can be a tricky decision to make, so it is important to consider all of the options carefully. Here we list the advantages and disadvantages…
It is all well and good knowing the pros and cons of this type of mortgage, but it is also crucial to consider who is purchasing the house.
If you have found your forever home – and can’t see yourself moving out within the next ten years – then the longer-fixed term is perfect for you. You can almost forget about your repayments for a decade, as you know exactly what you are paying and when – you’ll have no nasty surprises!
On the other hand, first-time buyers are not recommended to take out such a lengthy deal. This is because your first home is less likely to be one that you will spend more than 10 years in – purely for the fact most will want to climb further up the property ladder.
So if you have any doubts, a shorter-term or a variable-rate deal may prove a more sensible choice.
If you do decide that a 10-year mortgage duration is for you, be aware that there isn’t a huge number of deals on the market – but it still pays to shop around and do your research!
If you would like any more information on this – or are simply on the hunt to purchase a property – feel free to get in touch with one of our reliable sales team.
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