Lender creates 10-year fixed rate mortgage

A lender has added to its home loan range.
Lender creates 10-year fixed rate mortgage
Consumers looking for the security of a long-term fixed rate mortgage may be interested in a new home loan being offered by one financier.

Skipton Building Society has announced the creation of a fresh ten-year product, which is set at a figure of 5.85 per cent and has no administrative fees attached to it.

Due to the fact that the Bank of England has held interest rates at a historically low level of 0.5 per cent since March 2009, some people may be tempted to take advantage of this by taking out a tracker mortgage.

However, those in search of peace of mind through the knowledge they are protected from any future base rate hike may wish to consider this package, which is fixed until November 2021.

Recently, Bernard Clarke of the Council of Mortgage Lenders warned financiers to be wary of fraud in the market at the present time.

By Emma North