Andy Gray, head of mortgages for the Woolwich, said: There has been a lot of speculation in the market about where mortgage rates are heading. However, whereas some lenders have to re-price upwards, our funding reflects our strength and we are able to take advantage of the current decrease in long term SWAP rates, and price a 10-year fix well in advance of anything else in the market.

Our aim is to offer borrowers value over the long term. With many borrowers coming off cheap fixed rate deals this autumn, and many people in the market worried about volatility in interest rates, this product offers long term security. We are expecting this to be very popular with borrowers as they look to guarantee the monthly payments for their biggest outgoing for the long term.