The two year fixed rate mortgage offers a fixed rate of 4.95% until 1st August 2007 followed by the standard variable rate currently 6.79%, for the term of the mortgage. The overall cost for comparison is 6.9% APR. There is a 4% early repayment charge if part or fully redeemed before 1st August 2007 and no application fee.
The Society is also launching a new five year fixed rate mortgage with a rate of 4.99% for five years (1st August 2010) followed by the standard variable rate currently 6.79%, for the term of the mortgage. A 5% early repayment charge if part or fully redeemed in the first two years applies, falling to 4% in year three, 3% in year four and 2% in year five. The overall cost for comparison is 6.6% APR.
Both products come with competitive features including annual capital repayments of up to 10% of the balance permitted, daily interest, free standard valuation up to £200, no extended tie-in after the discounted period and 95% loan to value.
Remortgage customers can also benefit from Universal’s free Fasttrac® mortgage transfer service that will make it even easier to take advantage of these great offers. The Fasttrac® service is available free of charge with both these products or £200 cashback for house purchases.
A completion fee of £495 applies to the Two Year Fixed Rate Mortgage and £499 for the Five Year Fixed Rate Mortgage, which can be added to the loan. The minimum loan is £20,000, with a maximum limit of £500,000.
Kevin Robinson, Universal’s chief executive said: “We anticipate these new products will stimulate customer interest, whether they are looking to move home or simply considering remortgaging this summer. We predict these latest summer offers will appeal to existing and new customers, as they combine great rates and incentives with Universal’s excellent customer service.”
