Skipton Building Society has launched a 7-year fixed rate mortgage.
The news comes amid expectations of an imminent base rate rise to 5 per cent, which many commentators say is leading borrowers to protect themselves against such rises with longer term fixes.
Thee two options for the mortgage are a rate of 4.99 per cent with a completion fee of £799 and a rate of 5.14% with a completion fee of £499. Both options have no application fee and are available for loans up to 75 per cent loan-to-value.
Skipton chief executive John Goodfellow says: “The industry has seen a huge surge in demand for longer term fixed rate loans. The cracking rate on our 7-year fix means it is ideal for customers looking for not only an extremely competitive product, but also the security of knowing that their rate is fixed for the next seven years.”