Chelsea Building Society has launched a direct-only, 10-year fixed-rate mortgage at 3.99 per cent.
The product is available up to 70 per cent loan to value for a £1,495 fee. Borrowers can opt for a £195 fee at a fixed rate of 4.19 per cent.
The next lowest rate currently available to borrowers comes from within the Yorkshire Building Society Group, of which Chelsea is a part. The YBS product is available up to 75 per cent LTV at 4.69 per cent for a £995 fee.
Outside the YBS Group,the best rate is from Britannia, which is offering a 10-year fixed rate at 5.29 per cent, up to 75 per cent LTV for a £995 fee.
Chelsea has also cut its five six seven mortgage, where the borrower chooses the length of the term, from 3.99 per cent to 3.69 per cent and its five-year fixed rate from 3.39 per cent to 3.29 per cent.
Chelsea Building Society group direct mortgage manager Chris Smith says: “On the back of further falls in swap rates, we are able to pass these savings on to our members.”
Prolific Mortgage Finance managing director Lea Karasavvas says: “There is not really much demand for 10-year deals but you can understand why people would want them in the current environment.
“If people know they are going to stay in their home for a while, I think it is a great deal.”