Leeds Building Society has launched what is said to be the lowest ever 10 year fixed rate mortgage at 2.75%. Proving the extreme competitiveness of the current mortgage market, Leeds Building Society’s latest product seems to have beat TSB’s market leading 10 year fix launched earlier this week, as well as following the lender’s recent 5 year fixed rate launch with incentives.
Now available for mortgages up to 65% loan to value (LTV), the new Leeds Building Society 10 year fixed rate mortgage is portable, includes tapered early repayment charges and allows for overpayments of up to 10% per year. It will also now come with a £1,499 fixed fee.
Marking what is thought to be the lowest ever 10 year fixed rate mortgage to enter the market, despite some extremely worthy attempts by other lenders recently, Leeds Building Society expects this product to appeal in particular to homeowners with 10 years or so remaining on their existing mortgage, who wish to lock into a low rate and fix their monthly repayments for the remainder of the loan, before any market changes.
Other 10 year fixed rates available from the lender include a 3.39% rate up to 75% LTV, 3.49% up to 80% LTV and 3.89% up to 85% LTV. Which, although not quite competing with the lender’s impressive 2.75% 10 year fix, still proves very competitive in the current market.
Elsewhere in the market, Halifax has also been reducing rates within its 2 and 5 year range as it looks to further support borrowers’ need for stability in the market, by cutting rates across its first time buyer and home mover mortgages by up to 0.3%.
Firstly reducing 2 year home-mover and first time buyer rates for up to 60% LTV, Halifax has cut rates by 0.2%, causing them to now start from 1.64%. Equally, the lender’s 5 year fixes right through from 60%, 75% and 80% to 85% and 95% LTV, have been reduced by up to 0.3%, now starting from 2.24%.