Leeds Building Society is continuing to support borrowers by adding 10-year fixed rate products to its range.
It has launched two fee-free 10-year products, at 2.08% up to 65% LTV (loan-to-value) and at 2.14% up to 75% LTV. Both come with a free standard valuation and fees assisted in-house legal services for standard remortgages.
According to data from Twenty7Tec’s INSIGHT module, from November, when speculation about an increase in Bank of England Base Rate started to grow, interest in 10-year fixed rates has doubled.
This trend shows no signs of slowing, with activity levels on 10-year fixed rates in the week beginning 17 January, 71% higher than in October 2021.
Matt Bartle, Leeds Building Society’s director of products, said: “We know from market trends that consumers are increasingly looking for longer-term products.
“As a result we’ve introduced two new 10 year fixed mortgages, to ensure we continue to offer choice to consumers and help meet the needs of their own individual circumstances.
“We regularly keep our mortgage criteria under review to meet the needs of those often under served by the market and our teams spend time looking at market data and insights to ensure we are responding to customer needs,” he added.
Nathan Reilly, direct of lender relationships at Twenty7Tec, also commented: “At Twenty7Tec we’ve certainly seen longer-term products receiving more attention as customers consider the benefits of more certainty, particularly whilst interest rates remain low”.
“With this in mind, it’s fantastic to see Leeds Building Society utilising data and insight to meet the needs of both advisers and customers.”
