But fixes as long as this are extremely risky.
If you’re lucky, there can be advantages to this kind of deal, but if you’re unlucky, they can work out desperately expensive.
The benefits of a long fix
It’s far easier to budget and brings peace of mind when you know that no matter how high other borrowers interest charges rise, your monthly mortgage repayment won’t alter for the next ten years or more.
• No need to switch
you’ll also avoid the expense and hassle of remortgaging every few years to get a better deal.
The dangers of a long fix
This kind of certainty comes at a price ten and 25-year interest rates are not as competitive as those for the very best shorter deals.
• Lack of flexibility
Many experts think rates are nearing the end of their current cycle of rises, with cuts likely by next year.
This means anyone with a long-term fix could soon find themselves paying far more than other borrowers.
Over the years, that could add up to thousands of pounds wasted.
If rates do fall, you can’t just abandon your deal and switch to a cheaper one.
Long-term fixes come with long-term early redemption penalties to ensure you stay put.
These typically last for ten years or more and can be on a sliding scale, reducing as the years pass.
Sign up for a ten-year fix and you might face a charge of 5 per cent of your original loan amount to get out within the first couple of years (£6,250 on a £125,000 mortgage) falling to 2 per cent (£2,500) in year ten.
With a 25-year deal you might be charged 3 per cent to escape any time within the first decade or even the entire term.
They tend to be cheaper and you should be free to move on as soon as the fix or discount ends.
For more on these, see What length of deal should I choose?
Or, if you don’t want the cost and trouble of regular remortgaging, consider a lifetime tracker.