Leeds launches 10-year fix at 3.64%

Leeds Building Society has launched a new 10-year fixed rate at 3.64 per cent.

The product is available to 80 per cent LTV and has a £999 fee.

Borrowers can pay back up to 10 per cent of the loan each year without penalty. Otherwise, early repayment charges are set at 6 per cent in years one and two; 5 per cent in years three to six; 4 per cent in years seven and eight; 3 per cent in year nine; and 2 per cent in year 10.

General manager of business development Martin Richardson says: “Mortgage rates are currently at record lows and borrowers who choose a long-term fix are giving themselves the security of knowing their monthly repayments for years to come.

“When your mortgage is usually your biggest outgoing each month, fixing your repayments gives you peace of mind and makes it easier to budget for all your other household bills.

“We know 10-year fixed rate mortgages won’t suit everyone but this choice is part of our range of fixed rate deals including two, three and five year terms too, so borrowers can choose the length of time that suits them best.”