Monmouthshire Building Society is launching a range of five-year fixed rate residential purchase and remortgage products up to 80 per cent LTV.

A five-year fixed rate purchase product is available at 2.25 per cent up to 80 per cent LTV; with an application fee of £150 and a product fee of £499.

During the fixed rate period an ERC of 5 per cent within the first year will be charged, then 4 per cent second year, 3 per cent third year and 2 per cent for the final two years

This product is available for house purchases throughout England and Wales, with a minimum loan size of £40,000 and maximum loan size of £1m.

The society has also launched a five-year fixed rate remortgage at 1.5 per cent with a maximum LTV of 50 per cent for existing homeowners looking to switch lenders and secure a long-term mortgage rate.

This product includes one free standard valuation, assisted legal fees and no application and product fee.

During the fixed rate period an ERC of 5 per cent within the first year will be charged, then 4 per cent second year, 3 per cent third year and 2 per cent for the final two years

This product is available throughout England and Wales, with a minimum loan size of £40,000 and maximum loan size of £1m.

Monmouthshire Building Society head of distribution Eve Wilkins says: “Fixed rate mortgages continue to be a popular choice providing security for borrowers who want certainty of payment.  Widening the choice available is a priority for the Society; supporting our broker community who tell us that longer term fixed rates are in demand.

“With the continued economic uncertainty, these products offer purchase customers long term stability of payments and those who are looking to remortgage a fantastic long term low rate.”