Over the last 3 years, we have seen an increase in the number of long term mortgage deals, especially 10-year fixed-rate deals. Homeowners can now lock into lower interest rate deals for the long term but is now the right time to do so?
The Brexit vote and negotiations, Trump presidency as well as the French and German elections represent an uncertain next few years. Experts recommend locking in for the long term now. Lenders are aware of this need and have added more long term fix options to the market. In 2009, there were just 3 10-year fixed rate deals in the market. Today, they are over 120 in the market with average interest rates falling from 4.2% to 3.2% in that time.