Britannia Building Society has announced the launch of a new
mortgage offering a fixed
mortgage rate over five years.
The mortgage, available today, offers a mortgage rate of 4.39 per cent on up to 95 per cent
loan to value, and hopes to be the best of its kind in the mortgage market.
The mortgage rate cut resulting in this fixed mortgage rate reflects a significant drop in 20 basis points.
Fees associated with this mortgage include an arrangement fee of £349 and an administration fee of £100.
The flexible mortgage is fully portable and mortgage holders are not forced to take out
mortgage insurance protection.
The mortgage lender's managing director of member
business, Tim Franklin, believes this mortgage is perfect for homeowners who would like to know exactly how much their mortgage will cost them every month.
Because it offers a fixed mortgage rate, mortgage holders will be able to plan their finances and budget better, he said.
"The rate is highly competitive and Britannia anticipates this new product will be extremely popular," Mr Franklin concluded.
Britannia Building Society is the second biggest building society in the UK.
As well as offering all the products you would expect from a large building society, Britannia also provides a range of specialist services.
It has set up subsidiaries and specialist departments which offer everything from commercial lending and intermediary lending, help for those people with special or slightly unusual requirements, to tax-free offshore savings.
