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Long-term 5.54% fixed-rate mortgage launched

Thu, 26 Apr 2007

A financial services provider has unveiled a new long-term mortgage, which may be of interest to homeowners concerned about rising interest rates .

The new ten-year mortgages from Leeds Building Society come with lending rates of 5.54 per cent for the entire lifetime of the deal.

Moreover, the mortgages come with a maximum loan to value of 90 per cent, along with no higher lending charge, the mortgage lender has confirmed.

Commenting on the new homeowner loan, Karen Wint, head of marketing and PR at the financial services specialists, pointed out that it may appeal to homeowners nervously awaiting the latest base rate decision from the Bank of England.

"With the recent rise in market rates and the widely predicted further increase in Bank base rate, possibly as early as next month, many borrowers will be looking for ways to protect themselves against any increase," she explained.

Since August 2006, the Bank has raised interest rates by a quarter of a percentage point on three separate occasions, as many mortgage holders may be all too aware.

However, consumer prices index inflation recently exceeded chancellor Gordon Brown's three per cent benchmark, prompting fears of a further rate rise.

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