Leeds Building Society will launch two new mortgages this week, a 10-year fix and a high LTV deal.

The society said its 10-year fixed rate mortgage – at 2.75% – is the lowest of its kind and is available to borrowers with a large 35% deposit or equity stake.

The mortgage is portable, has tapered Early Repayment Charges and allows overpayments of up to 10% per year. It comes with a fixed £1,499 fee.

“This is the lowest ever 10-year fixed rate mortgage to come on to the market,” said Martin Richardson, Leeds Building Society’s director of business development.

“Borrowers who want to give themselves security of repayments for the long term can take advantage of this extremely competitive rate.”

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Charlotte Nelson, finance expert from Moneyfacts.co.uk, added: “This 2.75% 10-year fixed rate from Leeds Building Society is the lowest on Moneyfacts.co.uk records.

“Not only does this deal boast a competitive rate it is likely to be a popular choice for borrowers looking for the peace of mind that a 10-year fixed rate mortgage gives.”

Low deposit?

The mutual has also announced the launch of a high LTV fees-assisted mortgage for first-time buyers and other borrowers with smaller deposits.

The 3.89% two-year fixed rate deal will be available up to 95% LTV (loan to value). It comes with a low £199 fee and free valuation.

“In addition to a competitive rate, this two year fixed rate deal comes with the extra incentives of a low fee and free valuation,” said Richardson.

“It’s important to us to support borrowers who are not well served by the wider market, including home buyers with smaller deposits.”