Staffordshire has launched three mortgages, two of them cashback with no upfront fees, in a bid to tempt in the booming remortgaging marketplace.
The lack of fees upfront is aimed to entice in remortgage clients with the offer of £350 cash back or free use of the building society’s fast track service for those with LTV ratios of 75 per cent or less.
The 3-year stepped discount mortgage has a pay rate of 3.79 in the first year and 4.79 and 5.29 in years two and three as the discount decreases over the period.
The three-year straight discount mortgage maintains a rate of 4.55 per cent for three years after a 1.19 per cent discount.
Both products are available to clients at 90 per cent LTV on a maximum loan amount of £200,000.
Spokeswoman, Lyn Colloff said: “We know many people are still put off transferring their mortgage because of the upfront transfer fees. These two new mortgages have none of these fees.”
The third product is exclusive to intermediaries and is a three year stepped discount starting in the first year at 3.49 per cent, rising to 4.24 per cent and then at 4.99 per cent in the third. Available at 95 per cent of house purchase price or 90 per cent of remortgage.
A £195 arrangement fee can be added on completion.
