Brand Logo Moneyfacts Group plc
Telephone Icon T: 01603 476476 Email Icon E: enquiries@moneyfacts.co.uk LinkedIn Icon

Falling choice of 10-year fixed mortgage deals

Image of Moneyfacts.co.uk Brand Logo Image of Moneyfacts.co.uk Brand Logo Image of Moneyfacts.co.uk Brand Logo
Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
23/05/2023

Falling choice of 10-year fixed mortgage deals

Borrowers looking for a 10-year fixed mortgage have less choice, due to lenders pulling out of this niche market. The latest analysis from Moneyfactscompare.co.uk reveals a shift in the availability of decade-long fixed deals.

Falling choice of 10-year fixed mortgage deals

Borrowers looking for a 10-year fixed mortgage have less choice, due to lenders pulling out of this niche market. The latest analysis from Moneyfactscompare.co.uk reveals a shift in the availability of decade-long fixed deals.

  • Leeds Building Society, The Co-operative Bank and Platform have pulled their 10-year fixed mortgage products over the past few days.
  • Over the past week the number of 10-year fixed mortgages has fallen from 169 deals to 159.
  • The average rate on a 10-year fixed mortgage has risen from 4.99% to 5.06% since the start of April 2023.
  • Leeds Building Society, The Co-operative Bank and Platform have pulled their 10-year fixed mortgage products over the past few days.
  • Over the past week the number of 10-year fixed mortgages has fallen from 169 deals to 159.
  • The average rate on a 10-year fixed mortgage has risen from 4.99% to 5.06% since the start of April 2023.

Mortgage market analysis

 

1-May-21

1-May-22

1-Apr-23

16-May-23

Today

Average 10-year fixed rate

2.97%

3.21%

4.99%

5.01%

5.06%

Number of 10-year fixed mortgages

125

129

168

169

159

Data shown is as at the first available day of the month, unless stated otherwise.

Source: Moneyfactscompare.co.uk

 

Mortgage market analysis

 

1-May-21

1-May-22

1-Apr-23

16-May-23

Today

Average 10-year fixed rate

2.97%

3.21%

4.99%

5.01%

5.06%

Number of 10-year fixed mortgages

125

129

168

169

159

Data shown is as at the first available day of the month, unless stated otherwise.

Source: Moneyfactscompare.co.uk

 

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Borrowers looking to secure a decade-long fixed mortgage may be disappointed to see a drop in product choice. When lenders withdraw from such a niche sector, it can be in reaction to interest rate volatility, or even down to demand. However, this move may influence other lenders to follow suit and reconsider their own propositions. Those borrowers who want peace of mind with their mortgage repayments may well be comparing both five-year fixed mortgages and even 10-year fixed deals amid interest rate uncertainty, but these average interest rates are around 2% higher than they were a year ago. A decade-long fixed mortgage is a commitment, and consumers must be confident with the length of the term before they apply, as an early repayment charge would apply should they exit their mortgage early. Anyone considering a new mortgage would be wise to seek advice to go over the full package of any deal to find the right deal for them.”

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Borrowers looking to secure a decade-long fixed mortgage may be disappointed to see a drop in product choice. When lenders withdraw from such a niche sector, it can be in reaction to interest rate volatility, or even down to demand. However, this move may influence other lenders to follow suit and reconsider their own propositions. Those borrowers who want peace of mind with their mortgage repayments may well be comparing both five-year fixed mortgages and even 10-year fixed deals amid interest rate uncertainty, but these average interest rates are around 2% higher than they were a year ago. A decade-long fixed mortgage is a commitment, and consumers must be confident with the length of the term before they apply, as an early repayment charge would apply should they exit their mortgage early. Anyone considering a new mortgage would be wise to seek advice to go over the full package of any deal to find the right deal for them.”

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant