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Kensington launches new fixed rate mortgage
Wed, 03 Sep 2008
Kensington has launched a new five year fixed rate mortgage stating that demand for such products is increasing.

Research by the mortgage lender found that more than a third of brokers have seen demand for longer term fixed-rate deals increasing recently, with 24 per cent revealing five-year deals are the most popular.

In response, Kensington will launch a new range of five-year mortgages with rates starting at 6.39 per cent.

Director of marketing and communications at the lender, Ian Giles, said: "This is a challenging economic landscape and when there is so much uncertainty around people like to have the peace of mind in knowing that at least their mortgage payments won't change."

Meanwhile, research by Moneyfacts.co.uk reveals that the average cost of a two-year fixed rate mortgage now stands at 6.39 per cent, around the same level it was at the start of the credit crunch .

According to the price comparison website, interest rates could be set to fall even further.

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