With the recent increase in base rate and with speculation of more to come, long term fixed rate mortgages are likely to be more tempting than ever before, says Moneyfacts.

Fixing a mortgage over a 10 year-plus term means that borrowers can have the financial stability of knowing what their mortgage repayments will be.

Jane Dawson, Head of Press and PR at independent financial information provider, Moneyfacts said: “There has been little interest in long-term fixed rates from borrowers so far. But another increase in Bank base rate will have left many homeowners wondering just how many more rises they are going to have to take."

"The certainty of a rate fixed for ten years or even longer is likely to be far more tempting than ever before.”

Only a few lenders currently offer the loans, including Abbey, HSBC and the Woolwich, but more are planning on launching the products and some lenders have recently re-launched these products due to customer demand.

Samantha Owens, Moneyfacts Mortgage Research Editor, says: “Long term fixed rates are fairly competitive at the moment. The rates do tend to be higher than those of other mortgage types and shorter fixed terms, but they do give borrowers peace of mind in knowing that their payments will not increase, even if base rate continues to do so."

However, when considering a change to a fixed rate mortgage, it may be important to get the timing right and Ray Boulger at Charcol has said that it looks as if base rates are going to peak at lower-than-expected, suggesting that now is not the time to take out a long-term fixed mortgage.