In a rare move for the UK mortgage market, a borrower has secured a 15-year fixed-rate mortgage, shielding them from potential interest rate hikes for over a decade.

A recent loan issued by April Mortgages has highlighted an unusual opportunity for UK homebuyers seeking long-term stability: a 15-year fixed-rate mortgage. The borrower secured a competitive interest rate of 4.99% at a 60% loan-to-value ratio.

This type of mortgage offers predictability and peace of mind, as the borrower is protected from future interest rate increases over the entire 15-year term. The borrower benefits from knowing exactly how much their monthly payments will be, making budgeting and financial planning much more straightforward.

Mark Eaton, chief operating officer at April Mortgages, emphasised the company’s commitment to providing security and reassurance for both borrowers and advisors: “Borrowers will see their mortgage rate fall as they pay off the balance or as their property price increases, while advisers enjoy an ongoing income from clients placed with April. Everyone involved enjoys greater certainty and security.”

April Mortgages offers a range of mortgage products with fixed-rate terms between five and 15 years, with loan-to-value ratios up to 95%. Importantly, the lender does not charge Early Repayment Charges if the borrower chooses to repay their mortgage early, for instance, when moving home or using their own funds.

This recent case illustrates the growing appeal of longer-term fixed-rate mortgages for UK borrowers seeking financial security and peace of mind in an uncertain economic climate.