Accord Mortgages has launched a new 10-year fixed rate mortgage, the lowest on the market for borrowers with a 25% deposit.
It is available to borrowers with 25% deposit at an interest rate of 2.88%, which can be ported to another property should the borrower wish to move during the fixed rate period.
The mortgage, which has an £845 product fee, is available for either house purchase or remortgage.
Rachel Springall, finance expert at Moneyfacts, said: “These decade-long fixed mortgages are becoming a new favourite amongst lenders who want to provide borrowers with a long-term option to secure monthly mortgage payments. Borrowers must always work out the true cost of any deal and be sure that their circumstances will remain relatively unchanged for the next 10 years.”
David Robinson, national intermediary sales manager, said: “We have launched this new 10-year fixed rate mortgage in response to strong customer demand for a longer-term fix. Many borrowers are looking to make the most of the current record-low interest rate environment for as long as possible.
“Our new offering will give homeowners the security of knowing how much their mortgage repayments will be over the next decade, especially during this time of economic uncertainty.”
The intermediary-only lender, which is part of Yorkshire Building Society Group, has also made rate reductions across 75% and 85% LTV mortgages, including a two-year fix now available at 1.39% with a £845 fee.
The mortgage is available to both house purchase and remortgage customers with a 25% deposit.
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