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LIFETIME ISA

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Open a Lifetime ISA today. Save up to £4,000 each year towards your house deposit and you’ll get a 25% government bonus, tax free.

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NEW: long-term fixed rate

Fix your interest rate for up to 40-years and increase your borrowing to 6x income. Rates from 5.69%

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Increase your affordability

Fix for life with a long-term fixed rate mortgage

Looking for stability in a turbulent market? Fix your interest rate for up to 40-years and increase your borrowing to 6x income with a long-term fix. No need to remortgage every few years, and no worries about rising interest rates.

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British Bank awards 2023 Best Mortgage Broker winner
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Discover how much you can really borrow.

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Fix your interest rate for 20-40 years

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Minimum 5% deposit for non new-build

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Borrow up to 6x your income

How does it work?

Fixed-rate mortgages are incredibly popular in the UK, around 74% of mortgage holders have one. During the fixed rate period - usually 2-5 years - your interest rate is locked in, meaning your monthly repayments don't change. With a long-term fixed rate mortgage, you can fix for up to 40 years. This gives you certainty for the decades ahead, protecting you from rising interest rates and removing the stress of remortgaging every couple of years.

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Things to consider

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What are the benefits?

Financial stability for decades, not years

Fix in an interest rate for between 20-40 years, so you can plan for the future with certainty on what your mortgage costs will be. You'll be protected from market changes that might increase interest rates, and there's no need to remortgage every few years.

Borrow up to 6 times your income with a 5% deposit

With a 5% deposit, you could borrow up to 6x your employed income, up to a maximum loan of £750,000. Note that if you're looking to mortgage a new-build house, or a property worth up to £1m, you'll need a 10% deposit.

Flexiblity as standard

A lot can change in 40-years. After 12-months, you can port your mortgage when you move home, or apply to borrow more money when you need it. Want to move out and rent the property? You can do that after a year too - subject to meeting criteria. After 5-years, if you'd like to change to a new mortgage deal - because rates have fallen for example - there's no charge.

There's no age limit

There's no maximum age when the term ends, this means that older borrowers can benefit from knowing what their repayments will be into retirement. Note that LTV is restricted to 70% where the oldest applicant is aged 65 or above when applying, and if the oldest applicant is 80 or above they'll need to obtain independent legal advice.

Risks & considerations

You could pay more interest in the long-term

The interest rate on your long-term fixed rate mortgage may be higher than the best deals currently on the market for shorter fixed terms. That's because the lender is taking more of a risk over the long-term - it's difficult to predict what the market and mortgage interest rates will be doing a few years out, let alone a few decades. This means that over the course of your term, you might pay more in interest than you would if you took out shorter terms and remortgaged regularly.

You can't change your deal for 5-years

If you want to switch to a new deal and interest rate during your term, you will have to wait until five years have passed to do it without a charge. If you want to switch earlier than this, you'll need to pay an early repayment charge (ERC).

There are restrictions on the property you can mortgage

You can't buy or remortgage a property in Scotland or Northern Ireland. You also wouldn't be able to use this scheme if you're buying a flat in a building above 5 storeys high.

Why Tembo?

We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.

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Tried, tested, trusted.

The application process

4 simple steps to getting a long-term fixed rate mortgage.

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Make a Tembo recommendation

Create your own Tembo recommendation to discover live interest rates, monthly repayments and product explainers for all the mortgage schemes you're eligible for. After that, you'll be invited to book a free, no-obligation call with one of our award-winning team.

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Talk to a mortgage expert

We'll complete the qualification process, and help you understand which retirement or later-life products are best for you from our panel of lenders. After that, you'll work with a dedicated team: a CeMAP qualified mortgage advisor and a case manager.

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Apply for your new mortgage

Once you're happy with the product that's been recommended, your mortgage advisor will prepare and submit the mortgage application. Your case manager will act as the liaison between you, the lender and any solicitors to guide you to completion.

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Fee-free advice for life

If you do decide in a few years time that you'd like to switch to a new rate, or consider other options, you'll have fee-free advice for life with Tembo once you've taken out your first mortgage. So you can contact your advisor again to get our expert support.

Other options you could consider

Explore the alternatives to a long-term fixed Rate mortgage below:

See all mortgage schemes

Retirement

Retirement Interest-Only mortgage

Unlock money from your home or manage your finances in retirement with a Retirement Interest-Only mortgage.

See details

On your own

5.5x Income Mortgage

Borrow up to 5.5 times your salary with a 5.5x Income Mortgage and increase your buying budget.

See details

With a guarantor

Income Boost

Add some or all of a guarantor’s earnings to your household income to boost your mortgage affordability.

See details

Got questions? We've got answers

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Frequently asked questions

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Further reading

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