Leeds launches 10-year mortgages

Leeds launches 10-year mortgages

Leeds Building Society has set its lowest-ever rates on a new range of 10-year fixed rate mortgages for both the residential and buy-to-let markets.

A 10-year fixed rate mortgage for residential applications is being launched with a rate of 2.08 per cent, available up to 65 per cent loan to value.

Meanwhile, two 10-year fixed rate products for BTL applications will also be available at rates of 2.44 per cent and 3.19 per cent, up to 60 per cent LTV and 70 per cent LTV, respectively.

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Matt Bartle, Leeds Building Society’s director of products, said: “In these uncertain times, our new products will provide reassurance for those looking for a bit of longer-term security.”

According to Mr Bartle, although not all buyers would want to take up a long-term mortgage product, this would suit some people for whom a decade's worth of interest rate security is important for their needs.

Martin Stewart, founder of London Money, commented: “I think if the coronavirus carries on rampaging across the world we will soon see global base rates at zero or even negative.

"In the old days, variable rates were for the brave; it may now be the opposite is true and that long-term fixed rates are for the brave instead.”