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Two more lenders launch 10-year fixes

Christina Hoghton
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Christina Hoghton

HSBC and West Brom join Coventry to launch 10-year fixed rates this week

Three lenders have launched new sub-3%, 10-year fixed rates this week, giving borrowers the chance to lock into long-term mortgage payment security.

Earlier this week Coventry Building Society announced it would launch a 10-year fix at 2.39%, and now two more lenders have followed suit.

HSBC has launched its lowest 10-year fixed rate mortgage at 2.79%, up to 70% of the property’s value, plus an option for those with a 20% deposit or equity stake upfront, priced at 2.99%.

Both of the deals come with no product fees, valuation fees, and for remortgagors, no legal fees.

Tracie Pearce, HSBC’s head of mortgages, said: “10 years might seem like a lifetime away, yet our research shows that we like to plan ahead and are currently looking for security. Fixing your mortgage rate for the long term offers customers certainty that their mortgage repayments will not increase over that period.”

West Bromwich Building Society has also launched a 10-year fixed rate mortgage at 2.79%, for borrowers with a 35% deposit or equity stake in the home. Plus the lender also has a 2.99% option up to 80% of the property’s value.

Both deals are fee-free for remortgagors, and carry a £199 fee for purchasers.

David Taylor, head of products, said: “Knowing exactly what you will be repaying each month over a longer term gives peace of mind and can help with budgeting. It also saves people the time and expense of remortgaging every few years.”