Yorkshire Building Society has launched a seven-year mortgage range, following the popularity of five-year deals in the past year of "political and economic uncertainty".
The product rates are fixed until 2026, with a £995 fee and free standard valuation offered to all borrowers and free legals offered to remortgaging homeowners.
The lender is offering a seven-year fixed rate at 2.16 per cent at up to 65 per cent loan-to-value (LTV) and a seven-year fix at 2.26 per cent at up to 75 per cent LTV.
Borrowers remortgaging at up to 85 per cent LTV can also access a seven-year fixed rate of 2.36 per cent.
Janice Barber, mortgage manager at Yorkshire Building Society, said the new range was likely to appeal to homeowners looking for the stability a longer-term fix can offer, but without locking in for as long as a decade.
She said: "We offer a variety of mortgages to suit a number of borrower needs and are pleased to introduce an alternative fixed-rate term.
"Five-year fixes have been popular this year, and with the continued political and economic uncertainty borrowers seem keen to fix their rates for a period of certainty."
Rachel Springall, finance expert at Moneyfacts, said a seven years may on appearance be an unusual period to fix, but it could be a good choice for borrowers as a go-between compared with a five-year or ten-year fixed mortgage.
She said: "These latest deals from Yorkshire Building Society are competitively priced in the market and come with great money-saving incentives.
"Remortgage customers in particular will likely be impressed by the package available and also a lower rate offered on the deal at 85 per cent loan-value compared to house purchase customers.
"As with any mortgage, borrowers would be wise to weigh up the entire package including the rate, incentives and any fees to work out if it is the best choice for them."
rachel.addison@ft.com
