Mortgages  

Leeds unveils ‘lowest ever’ 10-year fixed rate

Leeds unveils ‘lowest ever’ 10-year fixed rate

Leeds Building Society is launching what it claims to be the lowest 10-year fixed rate mortgage to date, at 2.75 per cent.

The deal, launched on 10 March, is for up to 65 per cent loan-to-value (LTV). It has a fixed £1,499 fee.

The mortgage is portable, has tapered early repayment charges and allows overpayments of up to 10 per cent per year.

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Charlotte Nelson, Moneyfacts’ spokeswoman, confirmed it was the lowest 10-year fixed rate.

She said: “Not only does this deal boast a competitive rate, but it is also likely to be a popular choice for borrowers looking for the peace of mind that a 10-year fixed rate mortgage gives.”

Leeds Building Society also offers fees-assisted 10-year fixed rates at higher LTVs – priced at 3.39 per cent up to 75 per cent LTV, 3.49 per cent up to 80 per cent LTV and 3.89 per cent up to 85 per cent LTV, which all come with a free valuation, fees-assisted legal services for standard remortgages, and a £199 fee.

The building society has also launched a high LTV fees-assisted mortgage – up to 95 per cent – at 3.89 per cent fixed for two years, with a £199 fee and free valuation.

Adviser view

Daniel Bailey, a mortgage broker with Derbyshire-based Middleton Finance, said the 10-year deal was welcome news for borrowers.

He said: “I still believe a 10-year fixed deal remains a very niche area. Most clients I see don’t want to fix in for 10 years, but if you have 10 years left on your mortgage, it provides a perfect opportunity to fix in till the end of your mortgage term.”

peter.walker@ft.com