15-Year Fixed Rate Mortgage at 4.99%
Stroud & Swindon, the UK’s 15th largest building society, today announces the launch of its 15-year Fixed Rate Mortgage at 4.99% until 2021.
(Please note : this product has now been withdrawn)
This mortgage is ‘portable’ and ideal for consumers who wish to fix their mortgage repayments over the long-term and protect themselves from interest rate changes.
This new product, which offers better rates than many two and five year fixed rate mortgages, is available through Stroud & Swindon branches as well as via their website and call centre (0800 618 161). The maximum loan to value is 90% with a minimum loan of £16,000 for house purchase and £26,000 for remortgages. Maximum loans are £1,000,000 for house purchase and £500,000 for remortgages.
The product has early redemption charges in the first ten years but consumers are able to pay off up to 25% of the original loan at any time without penalty. The product has a £695 completion fee.
Paul Chafer, Sales Director at Stroud & Swindon comments: “In order to own their own home, consumers are being forced to borrow substantial amounts of money. This high level of borrowing will put them in a very vulnerable position if the interest rates continue to rise, as many experts believe.
“Therefore, we have decided to launch an exclusive 15-year fixed rate mortgage with an excellent rate of 4.99%. Rather than the hassle, expense and lack of security of finding a new mortgage deal every two or three years, this gives borrowers the certainty of a great rate for 15 years - and they can even take it with them when they move. However, this offer will be available for a limited amount of time, so we encourage people who are interested to contact us as soon as possible.”
ENDS
For further information please contact:
David Greenleaf
Corporate Communications Manager
Stroud & Swindon Building Society
Rowcroft
Stroud
Glos GL7 2LN
Telephone: 01453 768244
e-mail:
dgreenleaf@stroudandswindon.co.uk THE 15-YEAR FIXED RATE MORTGAGE:
- 4.99% fixed rate until 2021
- Maximum loan to value (90%)
- The mortgage is portable
- Minimum loan (£16,000 house purchase, £26,000 remortgage) and maximum loan (£1,000,000 house purchase, £500,000 remortgage)
- Early redemption charges of 6% for the first five years and 5% for the second five years. No redemption charges are payable in the last five years of the mortgage
- There is a completion fee of £695 and a reservation fee of £199
- The mortgage is available to purchasers as well as those wishing to remortgage (including existing Stroud & Swindon customers)
- Consumers who remortgage using this product can take advantage of free valuation and legals.
About Stroud & Swindon Building Society:
Stroud & Swindon is the 15th largest building society in the UK with assets in excess of £2.5 billion. The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices in the South West, complemented by a direct call centre based in Stroud and website
www.stroudandswindon.co.uk.