Abbey launches 10-year fixed rate mortgage
Wednesday, 02 Jul 2008 18:05
Abbey is launching a new ten-year fixed-rate mortgage at 6.24 per cent from July 4th.
The deal comes with a £999 fee and is only available up to 75 per cent loan-to-value (LTV).
The deal comes out as demand for longer-term fixed rate mortgages grows in the current unsettled economic climate. – this is not true
A poll by Abbey shows one in ten people would now choose a ten-year or 15-year remortgage if refinancing tomorrow.
Five-year fixed rate mortgages are the most common choice – preferred by 27 per cent of those polled.
Eleven per cent of people said they would remortgage on a three-year fix.
Phil Cliff, director of Abbey Mortgages, said: "The Abbey Remo Index gives a really interesting insight into the minds of homeowners at the moment.
"The credit crunch seems to have instilled a longer-term vision among homeowners who want to make sure they are well and truly out of the 'crunch' period when they remortgage again. Those who do want to fix for the longer-term are well serviced by Abbey.
"Our new ten-year fixed rate deal is the best in the market at 6.24 per cent and our five-year fixed rate deal is also competitive at 6.49 per cent."