Leeds & Holbeck Building Society has relaunched a 25-year fixed-rate mortgage.
The move follows last week's introduction of the European Mortgage Finance Agency Project which hopes to promote long-term fixed-rate loans.
The product is fixed at 5.99 per cent for 25 years but has three-month windows to redeem or transfer the mortgage in full without early redemption charge in year five and every two years thereafter.
Early redemption charges of six months' interest at L&H's SVR in years one to five and three months interest in year six and onwards apply. The mortgage is fully portable and available up to 90 per cent loan to value.
Head of marketing and PR Tony Burdin says: “Long-term fixed rate mortgages offer customers stability when many commentators are predicting that interest rates will rise.”