Cheshire Long-Term Fixed-Rate mortgage strategy clarified
www.moneynews.co.uk > Mortgages > Cheshire Long-Term Fixed-Rate mortgage strategy clarified
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Money News |
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Cheshire Long-Term Fixed-Rate mortgage strategy clarified
Wed 22nd Mar 2006
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The company's 15-year fixed-rate offer allows penalty-free repayment windows in the sixth, seventh and eighth years of the loan, as well as the chance to get out of the loan from the tenth year onwards, reports product website Mortgage Introducer.
Borrowers have the ability to leave the 20-year option after 15 years and also have charge-free redemption windows in years six, eight, ten, 12 and 14 of the deal.
The longest term package, the 25-year mortgage, allows fee-free repayment in the same periods as the 20-year offer plus in the 16th and 18th years and gives the option to withdraw from the loan from year 20 onwards.
Nicky Cardwell, Cheshire's mortgage product manager, described the Cheshire Long-Term Fixed-Rate mortgage range as effectively six-year fixed mortgages with the option to extend the rate for a longer term.
"This makes this type of product much more attractive for borrowers who want to set the amount of money they pay for their mortgage each month but do not want to feel they are trapped in a long-term deal," he added.
Cheshire also announced that it intends to introduce a mortgage where customers can choose a term to suit themselves, between 15-20 years and 21-25 years.
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