"Many borrowers are nervous about future market conditions, which is why more lenders are offering 10-year fixed rate mortgages"
10-year fixed rates now start from 2.20% up to 50% LTV with a £999 product fee and a 2.40% offset rate is also available up to 65% LTV.
Additionally, the lender has reduced rates on its two-year fixed rate residential products by 0.05% at 90% LTV and its five-year fixed and offset products by up to 0.10%.
Kevin Purvey, director of intermediaries, said: “Our fixed rate mortgages are now even more competitive, particularly at five and 10 years. Plus, our 10-year fixed product at 2.20% is ERC-free after five years, making it a fantastic option for brokers’ clients looking for the security of a fixed rate but with added flexibility.
“Many borrowers are nervous about future market conditions, which is why more lenders are offering 10-year fixed rate mortgages and rates have never been more competitive. A wide range of clients could benefit from a longer-term fixed mortgage – from those who are close to the end of their mortgage deal to families looking to keep costs down for longer – so it’s worth brokers considering these products for their clients.”
