The five year product with a fixed rate of 5.59% until 30 November 2009 provides an attractive medium to longer term option for those borrowers who want certainty over their monthly repayments. There is no redemption penalty overhang and the mortgage will revert to the Society’s loyalty discount, currently 6.29%, after the initial period. All loans up to 90% of valuation will have higher lending charges paid for by the Society and remortgagors applying directly to the Society receive a free valuation and free legal fees. A reservation fee of £99 and a completion fee of £395 apply to all applications.
A two year Tracker product set at 0.25% above Bank of England base rate until 30 November 2006 provides a current pay rate of 5.00%. The rate will revert to the Society’s standard variable rate, currently 6.79%, after the initial period and the loyalty discount, currently 6.29% after five years. All loans up to 90% of valuation will have higher lending charges paid for by the Society and remortgagors applying directly to the Society will receive a free valuation and free legal fees. A completion fee of £395 will apply in all cases.
Commenting on the new products, Mortgage Manager Jane Smith said, “With varying opinions over the future of mortgage rates in the short to medium term, we are providing customers with competitive options that will enable them to make a choice of the type of mortgage most suitable to their particular needs.”
