The Chelsea Building Society has reported “strong demand” for longer-term fixed rate mortgages in the year following the introduction of its 5,6,7 mortgage.

It cited the cost of living squeezing domestic budgets and the ongoing economic crises as causes of uncertainty about the future, and interest rates in particular.

The 5,6,7 mortgage is available at 4.54% on loans of up to 70% LTV; 5.04% at 85% and 5.64% at 90% LTV.

All versions of the product have a fee of £395 and £200 cashback.

The mutual brand is also offering offset alternatives to all mortgages across its product range, priced 0.2 percentage points higher than the non-offset equivalents.

Chris Smith, Chelsea Building Society’s group mortgage manager, said: “The 5,6,7 mortgage offers the same competitive fixed rate and low costs but allows borrowers to choose the fixed term which suits them best – either five, six or seven years.

“When times are so uncertain, many homeowners choose a fixed rate mortgage for the security of knowing in the longer term exactly how much they will be paying for their biggest monthly outgoing.”