The Leeds launches a new 10 year fixed rate mortgage.
The Leeds Building Society has announced the launch of a 10 year fixed rate mortgage for 75% loan to value. The lender advises that it believes it has priced its new deal competitively at a rate of 4.58%.
Mortgage funding costs have reduced over the last two months. As swaps have fallen so have fixed rates, which have been cut by lenders trying to lure mortgage-holders away from rival lenders.
The demand for 10 year fixed rate mortgages increased after several lenders hiked their standard variable rates earlier in the year.
Leeds 10 year fix is an option for risk averse buyers who want to lock into a longer term deal. The rate of 4.58% is offered with a £99 fee, and repayments of up to 10% can be made each year penalty free.
Skipton are another lender offering a 10 year fixed rate mortgage for 75% loan to value. Their rate is 4.79% which comes with a £895 fee.
Before signing up to a 10 year fix it is important to review any offer very carefully, a decade is a long time and a lot can happen in 10 years. If you accept an early redemption charge for example, it could prove very costly if you want to move home or remortgage.
Whatever type of mortgage you are looking for call Deal Direct for advice and a cheap rate quote.
Call an adviser today.
