Britannia launches new mortgage products

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Britannia launches new mortgage products

A new five-year mortgage option is launched by Britannia tomorrow (Friday July 18th).

It offers a 5.99 per cent rate on loan-to-values (LTVs) up to 75 per cent, or a 6.39 per cent rate on LTVs up to 90 per cent.

Both have arrangement fees of £999.

Tim Franklin, managing director of member business, said the new deals offer "a competitive rate" with "a range of options".

Britannia's two existing five-year fixed-rate options are still available.

One has an arrangement fee of £499 while the other has no fee.

Each option has a selection of rates based on the loan-to-value.

Fixed-rate mortgages have become poor value due to the effect of the credit crunch, according to new figures from online mortgage broker Mform.

Two and three-year fixed rates can now cost almost £2,000 more than the cheapest discounted rates over the entire loan cost, the Times reported.

Fixed rates are now almost as high as standard variable ones due to lenders' increases over the past year, Mform claims.
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