Halifax 25-year fixed-rate mortgage launched
www.moneynews.co.uk > Mortgages > Halifax 25-year fixed-rate mortgage launched
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Money News |
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Halifax 25-year fixed-rate mortgage launched
Thu 2nd Aug 2007
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While the product provides the security of a fixed interest rate of 6.39 per cent on repayments, the bank has added several flexible features such as a maximum of six 'payment holidays' and a restriction of the early repayment charge period to ten years.
The product arrangement fee is £599. Halifax already offers a ten-year fixed-rate mortgage, with an interest rate of 6.29 per cent.
"The Chancellor recently called on lenders to ensure that longer-term fixed-rate mortgage products are more widely available," said Joe Higgins, head of mortgages at the bank.
"We have extended our range to include a 25-year fixed-rate mortgage in addition to the existing ten-year product already available."
In a recent poll of borrowers conducted by Abbey Mortgages, 23 per cent said that they would consider a 25-year fixed-rate mortgage.
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Related News : Halifax |
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