The product then gives a discount off Catholic's SVR of 0.75 per cent in years two and three. There are also free valuations for remortgages and free legals.
James Gilbourne, chief executive of Catholic Building Society, said: "This scheme offers certainty for people wanting to fix their payments but also gives a highly competitive rate after 12 months. It is ideal for many people, especially those who have other pressures on their finances this year."
1 Yr Fixed - Issue 1
Rate: 2.9% fixed for first 12 months,
Then a 0.75% discount off SVR for months 13-36. Current pay rate 6.49%
Lona-to-value (LTV): 80%
Min Loan: £75,000
Max Loan: £550,000
Max Term: 25 years
Available to: Home movers and Remortgages
Income Multiples: 4.00 x single
3.50 x joint
Early Repayment Charges (ERCs) Year one - 3%, Year two - 2%, Year three - 1% of the loan
Fees
Arrangement Fee: £795
Valuation Fee: Nil
Legal Fees: Free for re-mortgages only
Portable No
Min Age: 18
Max Age: Negotiable
Repayment Type: Repayment and interest only
