latest figures from The Council of Mortgage Lenders show that fixed rate mortgages accounted for 54 per cent of all loans in August, which is the highest proportion ever since monthly records began in 1998. It is no surprise, therefore, that the market-leading 10 year fixed rate mortgage from Leeds Building Society at only 4.65 per cent is proving extremely popular with customers.
Stuart Fearn, Product Development Manager said, "The average fixed rate in August was at 5.23 per cent compared to an average variable rate of 5.61 per cent. Our 10 year fixed rate offers customers peace of mind, the ability to budget and the flexibility to pay off 10 per cent of the balance each year without penalty. All this, combined with full portability, meaning a customer can move home and continue to benefit from a fantastic rate of only 4.65 per cent have made this product very attractive.
"The product is ideal for customers looking to remortgage or purchase and takes away the uncertainty surrounding the next Bank of England base rate move. This deal is popular as many customers like the peace of mind offered by this type of product. This is a fantastic opportunity for people to secure a great rate for a long period and I would urge customers to act quickly to avoid disappointment."
