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Fixed-rate mortgage costs fall

Date: Wed, 24 Nov 04 Analysis

The cost of a ten-year fixed rate mortgage has fallen at Britannia Building Society.

Britannia announced that the new mortgage rate stands at 5.39 per cent for loan to value rates (LTV) of up to 95 per cent, that is to say a mortgage up to 95 per cent of the value of the property.

This is a drop of 0.2 per cent from Britannia's old rate for a ten-year fix.

"This product not only allows customers to budget and plan ahead, but gives long term value as well as peace of mind," said Alan Long, head of marketing at Britannia.

The mortgage costs £349 to arrange, with a £100 administration fee. Early repayment charges apply for the period of the fix, starting at 13 per cent and dropping to two per cent by the final year.

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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.