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Homebuyers offered 40-year fixed-rate mortgage by UK lender
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A mortgage offering fixed monthly payments for 40 years was launched this week – and it could mean that some homebuyers will be able to borrow more money than with a standard deal.
The Flexi Fixed for Term deal from Kensington Mortgages allows borrowers to fix their interest rate for the full term of the loan, which can be set anywhere between 11 and 40 years.
It is similar to one launched earlier this year by the lender Habito, which is still available and also offers a fixed rate for up to 40 years.
The Kensington deal rates on a 60% loan-to-value (LTV) mortgage start at 2.83% for a 15-year term and go up to 3.34% for a 40-year fix.
The loan is available up to 95% LTV for new purchases or 85% for remortgages. Rates are higher on the larger
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