New Britannia two-year fixed-rate mortgage available

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New Britannia two-year fixed-rate mortgage available

Thu 2nd Mar 2006

A Britannia two-year fixed-rate mortgage has been launched today, with the company claiming that it could save customers thousands of pounds purely through lower arrangement fees.

Britannia's new scheme offers fixed arrangement and administration charges that total £499.

The lender makes a comparison with Northern Rock, claiming that it charges variable arrangement fees of 1.5 per cent, which would result in a cost of £1,500 on a £100,000 mortgage.

An interest rate of 4.29 per cent will be set on the Britannia two-year fixed rate mortgage, which is available at up to 95 per cent loan to value.

Mike Sims, the lender's marketing manager, stated that borrowers could save money if they considered switching their current mortgage.

"Customers could save by moving their mortgage to the society and with the arrangement/admin fees fixed at £499 the mortgage is even more attractive compared to others on the market," he commented.

The Britannia two-year fixed rate mortgage has an early repayment charge of two per cent in the first year of the fixed period and one per cent if the mortgage is repaid in the second year.

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