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Sixty per cent of homeowners weren't aware of a ten-year fixed rate mortgage (Image: getty) The thing is, many consumers don’t actually know that a decade-long fixed rate product is

available.  In a recent survey conducted by Mortgage Advice Bureau, 60 per cent of homeowners weren’t aware that they could take out such a product, even though they have been well

established in the market for quite some time.  However, once they knew they were available, more than a third of those polled said that they would consider fixing their mortgage for ten

years and a whopping 68 per cent felt that a fixed rate for ten years would provide them with financial peace of mind, with the top reasons being the security of knowing what their monthly

expenditure would be, and a belief that interest rates will go up, a view shared by 56 per cent of those surveyed. RELATED ARTICLES So why are ten year fixed-rate mortgages gaining in

popularity all of a sudden?   Mainly because although the current interest rate is still historically low, due to forward governance from Bank of England Governor Mark Carney, we know that

the aim is to increase them - once the economy can withstand such a move – to a more ‘normal’ level.   For those who can remember life BCC (Before Credit Crunch) the average Bank of England

Bank base rate between 1998 and 2008 was 5.5 per cent.    Today, it’s more likely that the projected target over the next couple of years will be 2.5 per cent, which although lower than it

was previously, would still see an end to the cheap mortgage rates that are currently available.   MARTIN LEWIS WARNS THAT MORTGAGE INTEREST PAYMENTS ARE ENDING Matthew Carter, Head of

Products for the Coventry Building Society, has observed consistent consumer appetite for ten-year fixed rate mortgages of late and said: “We’ve offered them for over two years, and have

seen healthy borrower demand over that period, which we’d suggest is likely to continue, as long as the rates remain competitive relative to other products on the market.   “For example, at

the moment, the difference between a five-year fixed rate and a ten-year fixed rate can be less than a half per cent, which for customers who are comparing their options, does tend a make

them a very appealing choice.”   With current ten-year fixed rate deals from lenders such as TSB, Barclays, the Coventry Building Society and the Yorkshire Building Society all under three

per cent, and some even below 2.5 per cent depending on the amount of capital or deposit available, it’s no surprise then that a growing number of circumspect borrowers have decided to lock

in now and batten down the hatches for the next ten years.  > Once potential borrowers discover that this type of product is > available, the appeal for some is easy to understand >

  > Brian Murphy Brian Murphy, Head of Lending for Mortgage Advice Bureau commented: “Decade-long fixed rates have been available for some time, however there is a lack of consumer

awareness of them, as the results of our research suggest.   “But once potential borrowers discover that this type of product is available, the appeal for some is easy to understand.

"That’s because the security of a ten-year deal will see certain types of borrowers through to a significant point in their lives, such as perhaps seeing children off to university or

reaching retirement age.   “Alternatively, some borrowers may find that ten years is the length of time they have left on their mortgage, and therefore fixing for the remainder of the term

provides an inevitable amount of reassurance.”  Ten-year fixed rate mortgages are becoming more popular because the interest rate is still low (Image: GETTY) But are ten-year deals right for

everyone?   Brian cautioned: “However, for other borrowers, fixing for a decade may not provide the flexibility they need in the shorter term, for example if they need to move home within

the next few years, in which case a ten-year fix may not be right for them.   “It’s always worth bearing in mind that the majority of fixed-rate deals have significant Early Repayment

Charges (ERCs) associated with them, so it’s worth checking the small print and doing your sums to decide what works best for your own circumstances.” As well as any Early Repayment Charges,

it’s also worth checking what product fees you may pay upfront for a ten-year fixed rate, as these do vary between lenders and can prove to be quite hefty, which is why it’s important

you’re aware of what you will have to pay and when should you decide to apply.  Another tip if you are considering a such a long-term mortgage is to see if you can make overpayments at any

time, and if so to check if there are any restrictions.   This is especially important if you are taking out a ten-year product with the intention of paying off your mortgage completely by

the end of the term, as you may find yourself in a position to reduce the amount of capital owed by paying off lump sums at points throughout the duration of the mortgage. Again, check the

terms and conditions before you sign to ensure that, if this is something you might want to do in the future, you won’t be penalised.   But will ten-year fixed rate mortgages ever become as

popular as, say, five-year deals? The chances are that, with the current economic and political uncertainty making many of us decide to take whatever steps are necessary to sure-up our

financial futures, coupled with the fact that interest rates are so low at the moment but likely to rise, and that existing homeowners are now staying in their properties for much longer and

moving far less-frequently, as awareness that they are available increases, so will consumer demand.  Of course, 2028 still remains a long way off and so much can change in the world

between then and now.   But for some people, knowing that that their mortgage payment won’t be one of them can help them sleep a lot better at night. And if you fall into that category,

there’s nothing wrong with that at all.  Follow Louisa on Twitter: @louisafletcher