Leeds Building Society launches new 10 year fixed rate mortgage

Leeds Building Society has launched a 10-year fixed rate mortgage at only 5.54%. There is no higher lending charge, the product is available up to 90% loan to value and 10% capital repayments are allowed each year, without penalty.

Karen Wint, Head of Marketing & PR said, "With the recent rise in market rates and the widely predicted further increase in bank base rate, possibly as early as next month, many borrowers will be looking for ways to protect themselves against any increase and lock in long term value. At just over 5.50% with a fixed fee, rather than some of the higher percentage based fees, this product provides certainty at an affordable rate.

"The 10-year fixed is fully portable, so if customers do wish to move during the term, they can take this product with them. Furthermore, there is a fee free version available for customers looking to minimise up front costs. There is also no higher lending charge and 10% capital repayments are allowed each year without penalty."