The number of long-term fixed-rate mortgages available has increased in the past year due to increased consumer demand, it has been claimed.
According to Sean Gardner of MoneyExpert.com, mortgage lenders now offer 132 different fixed rate products with terms of ten years or more.
However, he added that interest rates on long-term fixed-rate mortgages have increased as banks aim to reduce their exposure to high-risk borrowers.
Mr Gardner said: "Long-term fixed-rate mortgages are here to stay. The chancellor himself announced his support for lengthy fixed deals in the budget and lenders have already started to react to demand by adding long term products to their portfolios."
People should think carefully before committing to a high-cost long-term mortgage as it may not be the best option for them.
Earlier this week, Stewart Lilly of the National Association of Estate Agents claimed that a drop in property prices will help first time buyers get on the housing ladder.
Long-term fixed-rate mortgages on the rise
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