Leeds Building Society is set to launch the market’s lowest-ever 10-year fixed rate.
Available from 10 March, it will be priced at 2.75 per cent on loans up to 65 per cent LTV and will have a £1,499 fee.
It will be portable, will have tapered early repayment charges (starting at 6 per cent in year one) and will allow borrowers to make overpayments of up to 10 per cent a year.
Moneyfacts.co.uk finance expert Charlotte Nelson says: “This 2.75 per cent 10-year fixed rate from Leeds Building Society is the lowest on Moneyfacts.co.uk records.
“Not only does this deal boast a competitive rate it is likely to be a popular choice for borrowers looking for the peace of mind that a 10-year fixed rate mortgage gives.”
Leeds’ director of business development Martin Richardson says: “We expect this mortgage might appeal in particular to homeowners who only have 10 years or so left on their current mortgage term and want to lock in to an exceptionally low rate and fix their monthly repayments for the remainder of their home loan.”
The lender also offers a range of fees-assisted 10-year fixed rates starting at 3.39 per cent up to 75 per cent LTV. The fees assisted products come with a free valuation, free legal services for remortgage customers and a £199 fee.