The product is available to customers remortgaging to Britannia and tracks the Bank of England base rate for the first two years, currently 4.75%. It then reverts to the Bank of England Base Rate plus 1.50% for the life of the mortgage and there are no early repayment charges. The overall cost for comparison is 6.1% APR.
Customers will also benefit from no Arrangement Fee, no Administration Fee, a free first standard valuation and Britannia will also provide a free conveyancing service (excluding disbursements). The average customer could therefore make a saving of £779.*
Dominic Facci, Acting Head of Marketing at Britannia commented, "there has been much debate recently around products which appear to offer great rates, but when additional costs and fees are added, are not actually the cheapest. With this product, customers know that there are no hidden costs involved but they are getting a great interest rate."
This product is not available until Friday 29th April 2005
