Mortgage Strategy - Why the sudden rush of long-term fixed rate mortgage deals?
Barclays has launched the first 10-year fixed rate deal at sub-3 per cent but the sting in the tail remains early repayment charges.
Trinity Financial product and communications manager Aaron Strutt, told Mortgage Strategy that 10-year mortgage deals are likely to remain niche despite the recent surge in product launches.
He says: “Rates for 10-year deals remain significantly higher than two-year fixes and I think mass demand will opt for the cheapest possible deal.
“Product choice is growing but 10-year fixes will remain niche, even if we see the number of different lenders offering those products increase over the coming months.”