Skipton Building Society has launched two new fixed rate mortgages that offer annual "steps".
Steve Aldous, general manager of sales and marketing at the mortgage lender, explained that the two deals, dubbed Stepping Up and Stepping Down, offer borrowers a way to cope with their changing needs.
As the names suggest, the Stepping Up mortgage starts with a low rate which increases over the five years of its life, while the other product starts high and falls.
Mr Aldous believes that the former will be useful for graduates and those looking to get on the housing ladder and the latter for people who are planning to retire .
He said: "The average annual rate of these products is exactly the same as our existing flat rate five-year fixed mortgage - 6.19 per cent."
The mortgages will help people manage their finances in a more flexible manner, he added.
Yesterday, Cheshire Building Society announced that it has cut interest rates on the majority of its fixed rate mortgages by 0.5 per cent.
Skipton BS launches new fixed rate mortgages
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Skipton BS launches new fixed rate mortgages
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