The rate on its residential product is 5.24%, available up to 80% LTV. The rate can be set for between 10 and 25 years and comes with a £995 arrangement fee.
The rate on its two buy-to-let products is 5.74% for the capital and repayment option, while its interest-only version is available at a rate of 5.99%. The products are available up to 75% LTV and are portable. Both deals include an arrangement fee of £749.
As with the residential deal, the rate on its buy-to-let products can also be set at between 10 and 25 years.
The Building Society confirmed that all its long-term fixed rate products are available both direct and via intermediaries.
Chris Mitton, market relationship manager at Manchester Building Society said the long-term fixed rates are an area of the market which is presently uncatered for.
He said: “In this climate of economic uncertainty, many people are seeking the security of knowing what their future mortgage payments will be.
“With our deals, the interest rates can be fixed for between 10 and 25 years making them ideal for risk averse clients. Borrowers may wish to set a fixed rate period of say 17 years for example, to tie in with other life events, such as retirement.”
Yesterday, HSBC withdrew its lowest five-year fixed rate at 2.99% after a month due to overwhelming demand.
Read more
Click HERE to read Melanie Bien’s exclusive blog for Mortgage Solutions on the long-term fixed rate deals offered by Manchester Building Society.
