Halifax Intermediaries has launched a new range of 5-year mortgage products, available to homebuyers and remortgage customers.
The new products will be available on a loan to value from 60 per cent to 85 per cent.
Rates start from 3.98 per cent for homemovers and first-time buyers at 60 to 75 per cent LTV with a £999 fee.
There is also a 4.08 per cent remortgage deal at 60 to 75 per cent LTV, a 4.84 per cent deal for homemovers and first-time buyers at 75 per cent to 85 per cent LTV and a 4.94 per cent deal for remortgagers at 75 per cent to 85 per cent LTV.
Ian Wilson, head of Halifax Intermediaries, said: “We have taken the opportunity to enhance our product range with a suite of new competitive five year mortgage products for brokers to offer their clients.
“In terms of the overall mortgage market, two-year fixed deals have the highest take up. However, buyers are increasingly locking into in longer term deals with four to nine years deals gaining in popularity since 2008.”
Halifax research revealed 62 per cent of the 573,866 fixed rate mortgage loans arranged in 2013 were for two-year deals.
While still making up the majority of mortgages, this proportion has changed from 2008 where it was 68 per cent.
Fixed rate mortgages for four to nine years, the next highest – of which 5-year mortgages are most popular – account for a third of all fixed rate mortgage sales – up from 22 per cent in 2008 to 34 per cent.
Longer term loans, of more than 10 years duration, are the least popular – with a less than 1 per cent take up.
