Barclays has launch the market’s cheapest ever 10-year fixed rate mortgage at 2.99%, available to 60% LTV, plus a £999 application charge.

Comparison website Moneyfacts.co.uk says the product is the lowest 10-year fixed rate on record.

Barclays managing director for mortgages Andy Gray says: “The new year is traditionally a time to get your finances in order and plan for the year ahead. We are thrilled to be offering a UK first in the shape of our 10-year 2.99% fixed rate. We are confident our rates will be extremely appealing.”

The lender will also cut selected residential rates by up to 0.36%.

While many borrowers might be wary about fixing their payments for 10 years, a rate of just 2.99% could help to avoid many sleepless nights between now and 2025.