Are you looking for a long term fixed rate mortgage for a high-value loan? As CEO Islay Robinson recently discussed, there are certain things you should avoid doing in the months leading up to a large mortgage application. These include career changes such as going self-employed, starting a business, or moving roles when your income is heavily income based. However, if you have historically taken out 2-year fixed mortgage products, this doesn’t give you very long to play with—you may feel that there’s never a ‘good’ time to make the changes you’re planning, without affecting your mortgage application.
However, there are solutions available. One option would be to take out a long-term fixed mortgage product before making the change, giving you plenty of time to steady out your income after making a career change. This will also provide security and stability as to what your payments can be; if you’ve started a new business, your liquidity may be low, so this can be a helpful financial planning aid.
Additionally, long-term fixed mortgage products can also help you to mitigate the risk of rate rises over the next few years. Traditionally, the longest mortgage products can be fixed in for is a 5-year period, but some lenders have started to extend this.
For example, our product of the week is a 10-year fixed rate at 3.34%, available up to 80% loan to value (LTV). This product can be used to purchase or make improvements to your primary home, or to raise capital from equity.
- 10-year fixed rate
- Mortgages over £1million
We have an excellent relationship with this lender, who are a prestigious private bank. The minimum loan size for this product is £1million, and you will be required to open a current account with the lender if you don’t already have one. If you would like to know more about this long term fixed rate mortgage product, I would be happy to discuss your situation and consider if it would be a suitable option for you.