Although not normally a headline grabber, smaller British lender Stroud & Swindon has stolen the limelight in the UK mortgage market by offering a 15-year fixed rate deal.
The West Country firm says it is now offering home buyers a mortgage with an interest rate of 4.99%, fixed for 15 years, Mortgage Strategy has reported.
The deal is portable between properties and is offered for up to 90% of the home value, to a maximum price tag of GBP1 million.
Stroud & Swindon says the revolutionary mortgage offers a better rate than many more mainstream two and five-year deals. However, the new product does come with a GBP695 arrangement fee and early redemption charges in the first 10 years of its term.
The lender hopes that the new offer will entice customers facing long-term mortgages who want to ring-fence their financial commitment.