The mortgage offers both purchasers and remortgagors an initial pay rate of 3.85% fixed until 31 March 2017 and includes a low arrangement fee of £500. It also includes a free valuation and free legal service for remortgage clients.
It is available for loans up to 75% loans to value.
Commenting, Robert McCoy, senior product & communications manager, at PMS said: “Long-term fixed rates, such as this, have never been so low.
“With such a large number of clients looking for the security of a fixed rate, I’m sure this will be popular with our members. This product complements the current three year fixed-rate product the members have access to already.”
Steven Bullock, Furness direct manager added: “We look forward to providing Sesame and PMS members with a product that will help give their clients the opportunity to lock into a five year rate - offering them peace of mind until 2017.”
