Abbey launches ten-year fixed term mortgage

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Abbey launches ten-year fixed term mortgage

A new ten-year fixed rate mortgage deal for up to 75 per cent loan-to-value will be available from Abbey from Friday.

The new deal, which Abbey says has a "market leading" rate of 6.24 per cent and a £999 fee, comes as the building society's remortgage index shows a strong demand for longer-term fixed-rate deals.

According to the index figures, five-year fixes are the most sought after option, twice as popular as three-year fixes.

Phil Cliff, director of Abbey Mortgages, said homeowners wanted to "make sure they are well and truly out of the [credit] crunch period when they remortgage again".

The price comparison website moneysupermarket.com warned today of "heartbreak for homeowners in July" as fixed-rate deals came to an end and people struggle to find replacements or keep up with higher repayments.

£30 billion worth of cheap fixed rate mortgages end this month.

Britannia has launched four new two- and three-year mortgage products, Money Magic reports.

Rates for the two-year fixed option start at 6.39 per cent and 6.64 per cent for its three-year deals.

Tim Franklin, managing director, said more borrowers were seeking the security of fixed rate deals.
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