Leeds Building Society has today launched two 10-year fixed rate mortgage products for customers who are worried about the impact of interest rate rises.
The building society is offering a fixed rate of 5.89% until September 2017 and can lend as much as 90% of the value of a property.
The mortgage, which is only available online, features a £849 completion fee and allows up to 10% capital repayments each year without penalty.
There is also a fee-free product on offer, which offers free valuation and no completion fee for 6.39% fixed for ten years.
Karen Wint, head of marketing at LBS, says: "With the Bank of England’s decision to add 0.25% to Base Rate in July, and market experts predicting further increases before the end of the year, many borrowers will be looking for ways to protect themselves against any future increase and lock in long term value.”
Wint says the mortgage is also fully portable so customers are not tied to a single property until the fixed rate expires.
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