My buy-to-let mortgage is due for renewal at the end of the year. I have been on a tracker but think that I should move to a fixed rate as Bank of England base rate may go up next year. I have no intention of selling so I was wondering if it would be wise to go for a 10-year fixed rate mortgage.
For landlords who are interested in protecting themselves against future rate rises, we’ve been recommending five year fixed rate buy to let mortgages to our clients for some time now.
However, fixing for 10 years can be a long time and will likely cost you in Early Repayment Charges if you want to redeem the mortgage early. Also, fixing for 10 years might not be the most cost effect solution - many landlords remortgage every 2-5 years to get a better deal. However, if saving money is not your primary focus and you prefer to know exactly how much your mortgage payments will be every month for 10 years, there are usually a handful of products available on the market, so do get in touch to talk through which options might work best for you. Call us on 0345 345 6788.
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Last updated: 19/12/2016