With the economy experiencing historically low interest rates, a growing number of householders are looking to stabilise their costs in the long term, leading to rising demand for long-term fixed rate mortgage products.
Leeds Building Society has responded to this demand by launching a new ten-year fixed rate mortgage, which will be available for up to 90 per cent of loan value.
The 90 per cent loan offers 5.09 per cent up to the end of June 2016, while a "fee-free" version offers 5.39 per cent.
An even better deal is available for buyers with more equity to put down: on loans of up to 80 per cent of value, Leeds is offering 4.79 per cent for ten years.
Product development manager Stuart Fearn stated: "These 10-year fixed rates offer outstanding value, with certainty of payments and the flexibility to pay 10 per cent of the balance without penalty. We have created this range to ensure that customers with smaller deposits and / or less funds available for fees can still benefit from the certainty these products provide over a longer period.
"It is clear that customers want to lock in good value when rates are low enough and this is another ideal opportunity. We know this will be popular as many customers like the certainty of payment offered by this type of product and I would urge customers to act quickly to avoid disappointment."
Leeds Building Society is only offering these deals to direct customers, not those using intermediaries. To read more about mortgages, click here.
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