The product offers a rate of 4.29 per cent up to 95 per cent LTV which is a drop of 20 basis points as the previous rate was 4.49 per cent.
The initial rate on Britannia’s two-year discount tracker will also drop on Friday, to 4.35 per cent. The product will track Bank of England Base Rate (BBR), currently 4.50 per cent, minus 0.15 per cent for the first two years and will then revert to BBR plus 1.50 per cent for the life of the mortgage.
There is an arrangement fee of £399 on both products, both are available to new and existing customers, and there is no compulsory insurance.
In addition to the above new mortgages, Britannia is launching a two-year discount tracker remortgage package. The product has the same rate as the above discount tracker, but offers a free standard valuation, a free conveyancing service and no administration fee for remortgage customers.
Tim Franklin, managing director, member business, said: “Although the money markets are moving upwards, Britannia is able to offer three extremely competitively priced products which should appeal to many customers.”
