Britannia breaks new ground

With the risk of interest rate rises increasing Britannia Building Society has launched new mortgages - including a new two-year fixed rate product.

16:04 28 May 2004

With the risk of interest rate rises increasing Britannia Building Society has launched new mortgages - including a new two-year fixed rate product.

Additionally the building society has dropped rate on its Flexible and Savings to 4.99 per cent. These products previously tracked the Bank of England base rate + 0.85 per cent for the life of the mortgage.

The Savings mortgage offers a six month discount of two per cent, bringing the initial rate in at 2.99 per cent (5.1 per cent typical APR).

The Flexible mortgage has a similar six-month introductory rate of 2.99 per cent (5.1 per cent typical APR). This is a two per cent discount on the actual rate, which comes into effect after the period, and is set at Bank of England base rate + 0.74 per cent, which gives a highly competitive rate of 4.99 per cent.

Britannia is also launching a two-year fixed rate mortgage, with a rate of 4.79 per cent, for up to 95 per cent LTV (5.9 per cent typical APR).

Alan Long, the head of marketing at Britannia, said: "Whether a customer is looking for long term product or a short fixed rate, these products offer great value to the man-in-the-street."