Buckinghamshire Building Society has announced the launch of a five-year fixed rate mortgage product.

The society said the launch was in response to a significant shift in market conditions, supported by insights by Experian suggesting that almost 6% of all homeowners could be coming to the end of their fixed term deal over the next three months, with an estimated £183bn of remortgages set to mature

The product has a rate of 1.99% fixed for five years with a reduced product fee of £495 and a maximum LTV of 80% and the society anticipate high demand for the product given the current market conditions.

Gerard O’Keeffe, CEO at Buckinghamshire Building Society, said: “With interest rates set to increase imminently, this is a well-timed opportunity for people to remortgage, safe in the knowledge that their rate will be fixed for the next 5 years.

“This product demonstrates our continued commitment to helping people recover from the financial impact of the pandemic, by providing certainty and ultimately peace of mind. We anticipate this being a highly popular product and this, along with our fully flexible approach to lending and recently enhanced Broker Online system will ensure we can continue to go above and beyond to meet the needs of our customers and brokers.”

The Buckinghamshire will also accept search indemnity insurance for this product.