The product is priced at 4.99 per cent until 2021 and is portable, therefore ideal for consumers who wish to fix their mortgage repayments over the long-term and protect themselves from interest rate changes.
This product, which offers better rates than many two and five-year fixed rate mortgages, is available through Stroud & Swindon branches as well as via their website and call centre. The maximum loan to value is 90 per cent with a minimum loan of £16,000 for house purchase and £26,000 for remortgages. Maximum loans are £1,000,000 for house purchase and £500,000 for remortgages.
The product has early redemption charges in the first ten years but consumers are able to pay off up to 25 per cent of the original loan at any time without penalty. The product has a £695 completion fee.
Paul Chafer, sales director of Stroud & Swindon Building Society, commented: “In order to own their own home, consumers are being forced to borrow substantial amounts of money. This high level of borrowing will put them in a very vulnerable position if the interest rates continue to rise, as many experts believe. Therefore, we have decided to launch an exclusive 15-year fixed rate mortgage with an excellent rate of 4.99 per cent. Rather than the hassle, expense and lack of security of finding a new mortgage deal every two or three years, this gives borrowers the certainty of a great rate for 15 years - and they can even take it with them when they move. However, this offer will be available for a limited amount of time, so we encourage people who are interested to contact us as soon as possible.”
