Longer-term mortgages increasing in popularity

The number of property owners looking for longer-term mortgages is rising according to Yorkshire Building Society. Product Manager at Yorkshire Building Society, Brendan Gilligan noted on houseladder.co.uk that:

"We understand that for most home owners, their monthly mortgage payment is one of their biggest financial commitments and these excellent competitive rates help them plan for the longer term”.

Mr Gilligan’s comment came following the building society’s announcement it’s reducing its mortgage rates which he believes will be welcome news for existing and potential home owners.

Yorkshire Building Society has already reduced its 10 year mortgage rates to 3.89% with 75% loan to value (LTV), plus customers will not be charged a fee.

Additionally, it’s launching a brand new five-year mortgage, at a rate of 2.44%, 65% LTV and with a £1,345 fee, plus a two-year mortgage at 1.69%, with 65% LTV and a £1,345 fee.