Skipton Building Society has launched a new 10-year fixed rate mortgage.

It is priced at 5.85%, up to 85% loan to value.

There is no product charge. Free legals and valuations available for remortgages and overpayments of up to 10% per annum allowed without penalty.

It comes with an Early Repayment Charge of 6% f capital repaid plus interest to the end of the month for years one to five, 5% in year six, 4% in year seven, 3% in year eight, 2% in year nine and 1% in the final year.

Kris Brewster, Skipton’s head of products, said: “Base Rate has been at an historic low of 0.5% for an unprecedented 28 months now and many borrowers have therefore become used to lower-than-ever mortgage payments. These low interest rates are unlikely to be sustainable in the long term