-Consumers expected to spend £615 this Christmas – but homeowners can more than offset this cost by remortgaging onto a competitive deal.
- Bradford & Bingley launches range of exclusive remortgage products all with attractive cashbacks
Consumers are expected to spend £615 each this Christmas on gifts, food and drink and entertainment. However, with many people having to use credit cards to help pay for the festive season the financial hangover could last well into the New Year. To help avoid the January blues this year, Bradford & Bingley urges homeowners to offset the cost by remortgaging onto a competitive deal.
Homeowners currently languishing on their lender’s standard variable rate could save around £150 a month – £1,800 a year – by moving onto a market-leading deal_ (based on a 100k mortgage), more than compensating for the festive flurry.
To help homeowners with the cost of Christmas, Bradford & Bingley has launched a range of exclusive remortgage deals, designed to meet different customer needs, all with attractive cashbacks.
Bradford & Bingley’s new range of competitive remortgage products.
Type Rate Cashback Lender Fees Notes
Type:Discount – funded by Bank of Ireland
Rate: 6.29% (SVR –0.3%) until 28.02.09. Follow-on rate 6.59% (SVR) 6.7% APR.
Cashback: 4% paid on completion
Other: No arrangement fee
Early Repayment Charges (ERC): 3% until 28.02.09 Free valuation fee and free legals. ERC free payments: 10% p.a. Max LTV: 95% to £200k, 90% to £450k, Higher Lending Charge (HLC): free to 85%
Type: Fixed – funded by Coventry Building Society
Rate: 5.90% until 31.12.10. Follow-on rate 5.25% (BBR + 0.75%)
5.8% APR
Cashback: 5%
Other: £350 arrangement fee
ERC: 4.75% until 31.12.08 then 2.75% to 31.12.10 Free valuation fee and free legals. ERC free payments: 5% p.a. Max LTV: 90%, HLC: none
Type:Fixed – funded by Coventry Building Society
Rate: 5.09% until 31.12.10. Follow-on rate 5.25% (BBR + 0.75%)
5.5% APR
Cashback: 1%
Other: £350 arrangement fee
ERC: 3.75% to 31.12.08, 2.75% to 31.12.10 Free valuation and free legals. ERC free payments: 5% p.a. Max LTV: 95%, HLC: none.
B&B credit broker fee: £199 flat rate fee (no fee online).
Duncan Pownall, mortgage development manager for Bradford & Bingley, said: “Moving from your lender’s standard variable rate onto a competitive deal is advisable at any time, provided any early repayment charges do not make it uneconomic to do so. However, around Christmas time, with all the associated expenses, it makes perfect sense. That way you really can have a happy New Year without the usual financial headache.
“Our newly launched remortgage range is ideal for all types of borrowers whether they’re after a fixed or variable rate product. Not only do they have competitive interest rates, with free valuation fees and free legals, but they also have the added bonus of cashbacks. These cashbacks are great for borrowers whether they want to use the money to help pay for the Xmas excess, save it or put it towards home improvements.”
