Leeds Building Society has launched a new 10-year fixed rate mortgage, with no early repayment charges after the first five years.

This is targeted at borrowers who want the security of a long-term fixed rate with the flexibility of a shorter five-year deal.

The 10-year fix at 2.75% is available up to 65% LTV (Loan to Value) and has tapered early repayment charges for the first five years. It comes with a mortgage arrangement fee of £999.

“We’ve had feedback from lots of customers looking for long term stability but reluctant to tie in for a full 10-year period so they choose a five-year deal instead,” said Jaedon Green, Leeds Building Society’s director of product and distribution.

“This deal is a good compromise – being able to redeem without penalty after five years gives these borrowers the security of a 10 year fix if they want to stick with it, but the flexibility to switch or pay off their mortgage after five years if they wish.

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The Society has also cut the rate on its standard 10-year fixed rate mortgage to 2.55% and reduced the fee to £999. This is available up to 65% LTV.