Britannia BS has announced that it is introducing a new low cost
ten-year fixed rate mortgage. Rachel McKay of Moneyfacts.co.uk reveals there is a trend emerging in the market.
"We are starting to see competitive long term rates coming in. These give borrowers the option of knowing exactly how much their mortgage repayments will be over a long period. Depending on what happens to variable rates during the period, you may well still end up paying more for a fixed rate, but many will consider the security and peace of mind worthwhile.
"There may not be a big choice but we would expect to see more long term rates being introduced over the next few months. Long term products are good for providers as they convert into long term customers."
