Co-operative Insurance Services (CIS) have launched a CAT standard fixed rate mortgage with an initial rate of 5.2 per cent.
It has no arrangement fees and has a maximum loan-to-value of 95 per cent. As would be expected with this type of mortgage there is no mortgage indemnity guarantee, no extended redemption penalties and no compulsory insurance.
Martin Clarke, general manager (marketing) at CIS, said: “CIS’s new mortgage product offers all the benefits of a traditional fixed rate mortgage but with fewer pitfalls. More and more people are now wanting security in their financial planning, particularly in the present economic climate and this fixed rate mortgage helps new homeowners in particular to budget over a given period of time.”
