The Yorkshire Building Society has launched a 10-year fixed rate mortgage.

Available up to 75% LTV, the deal comes with a 2.89% rate, which can be ported to another property should the borrower wish to move during the fixed rate period.

The mortgage, which has an £845 product fee, is available for either house purchase or remortgage.

Brendan Gilligan, mortgage product manager for Yorkshire Building Society, said: “We have launched this new ten-year fixed rate mortgage in response to strong customer demand for a longer-term fix. These requests follow uncertainty about the economy and interest rates after the UK voted to leave the European Union.

“We’re proud to launch the lowest ten-year fixed rate at 75% LTV available on the market and as it features a porting facility, borrowers have the reassurance that they may be able to transfer their mortgage should they want to move house during the fixed rate period.”

Rachel Springall, spokesperson at Moneyfacts, said: “In times of uncertainty a decade-long fixed mortgage will provide borrowers with a long-term option to secure their monthly mortgage payments. Borrowers must always work out the true cost of any deal and be sure that their circumstances will remain relatively unchanged for the next ten years so they can avoid early repayment charges.

“In this low rate market buyers should ideally be aiming to overpay on their mortgage whenever possible so that they can raise the equity in their home and reduce the term of the loan.”