Kensington Mortgages has launched a 40 year fixed rate mortgage. Borrowers have the chance to pay the same interest rate for between 11 and 40 years. The interest rates start at 3.34% for people fixing for between 36 and 40 years. The interest rate won't change even if the Bank of England increases the cost of borrowing.
It's rare for mortgages to be fixed for the full term of a mortgage so buyers who fear that rates will rise could benefit from this new deal.