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Long term fixed rate mortgage option from Yorkshire Building Society

June 12, 2010 by Reno  
Filed under News, News-Mortgages

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With the base interest rate in the UK still at its lowest level in the history of the Bank of England, at just 0.5 percent, many are now wondering when the base rate will start to increase again, and this is causing many people to wonder whether they should fix their rate over a period of time when taking out a mortgage.

There are different options available for those that want to fix their mortgages, and whilst the choice is not as great as it was prior to the financial crisis more and more lenders are becoming more lenient when it comes to offering a good choice of mortgages, although these are often to those that have a higher deposit level.

It has now been announced that the Yorkshire Building Society is offering a long terms , with those considering buying a home or remortgaging now able to benefit from a ten year fixed rate mortgage. The deposit required on the mortgage is 25 percent, and borrowers will benefit from a rate of 4.99 percent.

The mortgage also has an arrangement fee that borrowers will have to pay, and this comes to £995. Whilst a ten year fix will provide many people with increased stability and peace of mind there are also some that may feel that this is too long a period to fix for.

An official from the building society said: “This product presents a fantastic opportunity for borrowers looking for long-term value, protection from future interest rate rises and piece of mind when it comes to their mortgage payments. Over the last ten years the average mortgage standard variable rate across the market has been 6.2%* so our new range of ten-year products offer great value.”

Tags: Yorkshire Building Society, fixed rate mortgage, mortgage, Mortgage loan, finance

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