"This deal is a good compromise - being able to redeem without penalty after five years gives these borrowers the security of a 10 year fix"
Jaedon Green, Leeds Building Society’s Director of Product and Distribution, said: “We’ve had feedback from lots of customers looking for long term stability but reluctant to tie in for a full 10 year period so they choose a five year deal instead.
“This deal is a good compromise - being able to redeem without penalty after five years gives these borrowers the security of a 10 year fix if they want to stick with it, but the flexibility to switch or pay off their mortgage after five years if they wish.
“The potential cost of remortgaging is something borrowers don’t always take into account, which is another reason why longer term deals will suit some people.”