Borrowers can now fix their mortgage rate for 10 years at 3.04%, with the launch of a new deal from TSB.

The rate, which is available to home movers and first-time buyers, is market-leading according to the lender and is accessible to those with a 40% deposit.

Remortgagors can also benefit from a new 10-year fixed rate, with rates starting at 3.09% for those with 40% upfront.

The deals come with a £995 arrangement fee although fee-free options are also available, at 3.14% for FTBs and homemovers and 3.19% for remortgagors.

The lender also has 10-year fixed rate options for borrowers with 25% upfront, with slightly higher pay rates.

In addition, TSB has reduced its rates on its five-, three- and two-year fixed mortgage range by up to 0.25 percentage points.

Roland McCormack, intermediary director at TSB Mortgages, said: “Our new market beating 10-year mortgage offers stability and security for homeowners across Britain, with a fantastic rate to match. For people looking for more flexibility and a shorter term, the reductions across TSB’s two, three and five year mortgages will certainly help them feel the difference in their wallet.”