by Peter Jacobs
A new 10 year fixed rate mortgage product has been launched by the Yorkshire Building Society one of very few who are offering mortgages for such a long period of time. If you go back just 3 years there were over 85 10 year fixed rate mortgage products on the market but fast forward to today and you can count the number of deals on one hand. This is mainly because the forecast is for interest rates to increase over the medium to longer term and the bank of england’s monetary policy committee have hinted at such as case. But this new deal from the Yorkshire Building Society is now up there in the best buy tables because at just 4.99% it’s just 1% higher than a 5 year fixed rate mortgage.
The Yorkshire 10 year fixed rate mortgage product at a glance
If you are in the market for 10 year fixed rate mortgages then here’s the low down on this new product
You can also overpay this mortgage by 10% each year without incurring any penalties.
Our view of this 10 year fixed rate product
This is an excellent chance to get a competitive interest rate if you are looking to fixed your mortgage repayments for 10 years and are unlikely to move in this time period (because if you do and repay the loan you’ll incur the early redemption fees as mentioned above). The rate is very competitive and as there are very few 10 year fixed rate products on the market then this might be what you are looking for. The Yorkshire also offer a 5 year fixed rate product with a fixed rate of 3.99% with a product charge of £995 if you don’t want the full 10 years.
How to apply for this mortgage
There are many ways in which to apply for this mortgage if you have the 25% deposit required. You can go directly to the Yorkshire Building Society’s website and you have 2 choices. You can complete a limited application online and get an “approval in principle” which involves a credit check and takes around 10 minutes.
Alternatively you can complete the full online application which takes around 30 minutes. You can also apply over the telephone with one of their mortgage advisers.
You can also speak to your independent financial adviser or broker to get specific advice on this and other products in the market place. You should always seek financial advice when thinking of taking out a mortgage product whether it be for remortgaging or buying your first home. More information about the Yorkshire Building Society 10 year fixed rate product can be found on their website.
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