In addition borrowers will also be able to take advantage of the other benefits of a conventional flexible mortgage. These include making overpayments, taking payment holidays, making drawdowns and there are no early repayment charges.
The Society is also launching at the same time, a 2 Year Tracker which guarantees a rate of
0.10% below the Bank of England base rate until 30 June 2007 and 0.99% above base rate
for the remaining term of the mortage.
Both products, available through the Society’s branches and Direct call centre, provide free Higher Lending Charges as well as free valuation (up to £600,000) and free legal fees for those borrowers who are remortgaging. A completion fee of £395 is payable.
Commenting on the new products, Jane Smith, Mortgage Product Manager at Stroud & Swindon said, “Customers are still undecided which way interest rates will go next and whether to opt for a fixed or variable mortgage. Our tracker mortgages provide the security of knowing that the rate payable will be linked to base rate throughout the whole term of the
loan.”
