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Borrowers are to get the chance to fix their mortgage rate for 30 years at less than three per cent, The Mail on Sunday can reveal.
Specialist lender Kensington Mortgages will this week launch fixed-rate deals on home loans that last for 25 and 30 years.
The long-term deals are among the first of their kind.
Most homeowners who take out fixed-rate mortgages lock into a two or five-year deal.
Ten-year fixes are available but few customers opt for them, according to industry experts.
Specialist lender Kensington Mortgages will this week launch fixed-rate deals on home loans that last for 25 and 30 years (file photo_
Borrowers will, however, be taking a gamble on interest rates, with two-year fixed rate deals currently available for as low as 0.99 per cent and five-year deals as low as 1.34 per cent.
But Kensington’s 30-year home loans are expected to have competitive interest rates of between 2.5 per cent and three per cent and will be offered across different deposit sizes.
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