As time passes the dynamic of markets also changes.  The UK housing market is not immune to that.  Take long mortgage terms for example.  What was once not viewed favorably upon is now being offered at its lowest percentage ever.  For those who are willing to take the risk, and who qualify, a ten year mortgage product can now be obtained at the bottom-dwelling rate of less than 4%.  If the base rate of 0.5% is taken into consideration that is a rather cheap proposition.  Due to the ever changing conditions within the housing market, it will certainly create a wave of more purchasing options within the market.

The ten year mortgage will quickly be looked over and dismissed by most, but some will take it under consideration.  David Black, with financial statistician Defaqto, commented on the attractiveness this new product offers.  He believes those who are thinking of staying in their home for an extended period need to take a second look at the product, because it "offers a good solution and is worth considering".

He added: "There are very few long term fixed-rate mortgages currently available on the market, and this one has the lowest rate as well as a low fee.”

At a time when most lenders are offering products with increased interest rates attached, the new product is a welcome sight.  Figures analyzed by Moneyfacts indicate mortgage fees associated with new loans have also increased by almost 70% in the last year.

Sylvia Waycot, spokesperson for Moneyfacts.co.uk, commented on the costly arrangement fees, saying: "In the excitement of buying a house it is easy to ignore arrangement fees but this could be a costly mistake especially if the fee is added to the mortgage loan. Researching the best mortgage deal should not just include the headline rate but also set up charges and the incentives such as free legal fees."