A 10 year fixed rate mortgage is launched by the Leeds BS.

The Leeds Building Society has announced the launch of a 10 year fixed rate mortgage for 75% loan to value at 4.58% for both new purchase and remortgage.

The lender also advises that for those with a smaller 20% deposit, a fixed rate deal for the same term is also available at 4.79%.

Back in January the Norwich and Peterborough launched a slightly more competitive 10 year fixed rate mortgage at 3.99% for 75% loan to value, which proved so popular that it was fully subscribed in just two weeks. Will the Leeds deal prove as popular?

The mortgage market is fluctuating at the moment. Mortgage rates began to increase in quarter 2 in response to rising funding costs, but recent announcements of both cheap government funding and falling swaps and Libor have led to hopes that rates will come down.

However the more recent announcement of the downgrading of certain UK banks means rates are predicted to once again rise.

For those unwilling to be at the mercy of lenders who can increase rates at anytime, a 10 year fixed rate mortgage offers home-owners an increased level of security and peace of mind.

A spokesperson for the Leeds advised that with 10 year fixed rates at an historical low, the lender is in a position to offer long term market leading rates.

The Leeds BS advise that there is no higher lending charge and there is the option to pay off an additional 10% each year penalty free. In addition the deal is fully portable which provides an even greater level of flexibility.

Whatever fixed rate mortgage term you are looking for you are advised to contact Deal Direct for the most competitive deals on offer.

Call a Deal Direct adviser today for a cheap mortgage offer.