News - 10-year fix proving popular
10-YEAR FIX PROVING POPULAR
Article date: 22/09/2005 : 17:22:54Leeds Building Society's market leading ten year fixed rate mortgage is proving one of the most popular on the market, according to the company.
As uncertainty over the future of the property market, and interest rates begins to spread fixed rate deals have proved increasingly popular. Fixed deals now account for 54 per cent of the market, their highest since 1998.
The Leed's flagship ten year fix carries an interest rate of 4.65 per cent and is proving more popular than expected.
Commenting on the state of the fixed rate market, Leeds' product development manager, Stuart Fern, 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 ten year fixed rate offers customers peace of mind, the ability to budget and the flexibility to pay off ten 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," he concluded.
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