Are there any 10-year fixed rate buy-to-let mortgages? The adviser I saw recently recommended two-year products and was dismissive of anything longer term. I don’t want the hassle of remortgaging every two years.
Although remortgaging can be a hassle, it can save borrowers thousands of pounds which, for many landlords, is an integral part of their investment strategy. However, if that’s not your focus every now and again lenders do offer a few 10-year fixed rate buy to let mortgages for purchases, remortgages and those looking to let to buy, although the take-up is quite small.
Fixing for 10 years is a big commitment and if you later decide you want to redeem the mortgage before the 10 years is up, you will incur Early Repayment Charges, and with a 10-year fixed rate these will be applicable over a much longer term than with other, shorter term mortgage products.
You could also consider fixing for five years which is what many investors prefer and there are many more of these products available on the market, currently, at very competitive prices. The brokers at Mortgages for Business have long been advocates of these products because they provide borrowers with some protection against future rate rises – who knows when Bank Rate will start to rise?
The 10-year rates are only available via intermediaries, so if you are interested in them and talking further about the benefits of fixing for longer than 2-5 years, do get in touch. Our main number is 0345 345 6788.
>> The pros and cons of taking a 10 year fixed rate buy to let mortgage
Last updated: 19/12/2016