Borrowers have moved away from long-term fixed mortgages this year, with demand for 10-year deals dropping to the lowest level in years, according to research from Twenty7tec.
At the start of 2025, just under a quarter of searches (23.14%) were for 6-year to 10-year fixes – by August, that figure had almost halved to 12.41%.
Searches for 2-year and under products rose from 41.13% in January to 52.94% in August.
3-year to 5-year fixes stayed steady, making up about a third of searches through the year.
Nakita Moss, head of product at Twenty7tec, said: “We are seeing a planned pivot back to shorter fixes.
“With rates easing and a huge wave of borrowers coming to the end of their five year Covid-era deals, many are choosing to keep their options open.
“Long fixes will always appeal to those who prioritise stability, but the majority now see more value in shorter terms and the ability to review again in two or three years.”
Moss added: “When borrowers looked at five-year fixed rates in the past, they often seemed more attractive than shorter fixes.
“That wasn’t just about interest rates themselves, but about the certainty they offered in a volatile market.
“Pricing was strongly influenced by SWAP rates, which underpin how lenders set fixed mortgage deals.”
She said: “More recently, two-year pricing has improved, again reflecting movements in SWAPs, so advisers are seeing a shift in demand back towards shorter fixes.”
Around 22.4% of searches in 2023 were for 6 to 10-year products, falling to 20.8% in 2024.
For 2025 so far, the figure averages 19.8%, with August’s 12.41% the lowest since before the pandemic.
The drop in long fixes has been matched by a rise in 2-year deals, which climbed by more than 11 percentage points from January to August 2025.
Nathan Reilly, commercial director at Twenty7tec, said: “Advisers are in a crucial position right now. With so many clients coming off five year fixes, the conversation isn’t just about finding the lowest rate, it’s about balancing certainty with flexibility.
“Helping borrowers weigh up whether to lock in or stay short term is where advisers add real value.
“The data shows people are leaning towards shorter terms, but it’s advisers who can guide them through the trade-offs and make sure the choice fits their long-term financial plans.”
