Skipton Building Society is replacing another of its longer term fixed rate products due to significant demand resulting in the limited tranche becoming exhausted within three weeks.

The existing 10-year fixed rate mortgage at 4.49% up to 75% LTV is being withdrawn with effect from close of business today, and will be replaced on Monday with a new product at 4.79%.

The early repayment charge is as follows: 6/6/5/5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month.

There is an application fee of £195 and a completion fee of £800, while overpayments of up to 10% per annum are allowed without penalty.

The deal also comes with free legals and valuations for re-mortgages.

This new product is available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.

“Our longer term fixes have proved extremely popular, with the payment security they offer clearly appealing to people in the ongoing, uncertain market,” said Skipton’s head of products, Kris Brewster.

“Our available tranches filled up very quickly, resulting in the replacement of our seven-year fixed rate to 75% a week ago, and now our lower LTV 10-year fix.

“However, as with our seven-year fix, we believe we’ve replaced the 10-year product with a rate which continues to reflect great value for people looking for certainty over their future mortgage payments.”