Leeds Building Society launches new 10 year fixed mortgage

Leeds Building Society has launched a 10-year fixed rate mortgage at only 5.90%. 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 Bank of England’s decision to add 0.25% to Base Rate last week, and market experts predicting at least one further rise later this year, many borrowers will be looking for ways to protect themselves against any future increase and lock in long term value. At only 5.90%, this product provides certainty over a significant period 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.

"With the Government wanting to encourage longer term fixed rates to bring stability to the market, this type of product is worthy of consideration for those reluctant to plan 25 years ahead."