Leeds Building Society has announced that it has released a new fixed-rate mortgage product, with a lowly APR at just 4.99 per cent.
The term of the fixed-rate is two years - and there are unlimited capital repayments at anytime over its course, without penalty.
There is also no higher lending charge.
"With the Bank of England's decision to increase Base Rate by 0.25 per rate earlier this month, pushing the rate up to 5.75 per cent, a sub five per cent fixed rate product will be extremely attractive to many borrowers," Karen Wint, head of marketing & PR at Leeds Building Society, said.
"Furthermore, with commentators predicting at least one further rise later this year and market rates well over six per cent, borrowers currently on a variable rate mortgage look almost certain to be hit with another increase in their monthly mortgage payment.
"With this in mind we have launched this excellent two-year fixed at only 4.99 per cent, offering complete peace of mind and full protection against any rate increase.
"The completion fee is 3.25 per cent of the loan amount and can be added to the mortgage, so the customer has no up front fees to find, which is ideal for those who are seeking to minimise their repayments for a short period in a rising rate environment.
"There is also no higher lending charge and unlimited capital repayments are allowed without penalty, which provides excellent flexibility," she concluded.
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