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Leeds BS adds 10-year fixes to meet growing demand

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  • 31/01/2022
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Leeds BS adds 10-year fixes to meet growing demand
Leeds Building Society has released two fee-free 10-year fixed rate products to cater to the growing demand for longer term fixed rates.

 

It includes a 10-year fixed rate up to 65 per cent loan to value (LTV) with a rate of 2.08 per cent, and another at 75 per cent LTV at 2.14 per cent.

Both come with free standard valuation and fees assisted in-house legal services for standard remortgages.

Including these two products, the mutual now has four 10-year fixed rate products.

The lender said data from Twenty7Tec revealed that in November, when it seemed likely that the Bank of England would increase the base rate, interest in 10-year fixed rates doubled.

It also found in the week beginning 17 January, activity for 10-year fixed rates was 71 per cent higher than in the same period during October last year.

Matt Bartle (pictured), Leeds Building Society’s director of products, said market trends showed consumers were increasingly looking longer-term products.

He said: “As a result we’ve introduced two new 10-year fixed mortgages, to ensure we continue to offer choice to consumers and help meet the needs of their own individual circumstances.

“We regularly keep our mortgage criteria under review to meet the needs of those often under served by the market and our teams spend time looking at market data and insights to ensure we are responding to customer needs.”

Nathan Reilly, director of lender relationships at Twenty7Tec, added: “At Twenty7Tec we’ve certainly seen longer-term products receiving more attention as customers consider the benefits of more certainty, particularly whilst interest rates remain low.”

He added that Twenty7tec was pleased the mutual was using its data and insight to meet the needs for advisers and customers.

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