3 Year Step Fixed Rate Mortgage

Stroud & Swindon, the UK’s 15th largest building society, has launched a new three year step fixed rate mortgage product for first time buyers.

This new product will have a stepped rate of interest, starting at 6.09% for the first year, 6.19% for the second and 6.69% for the third year. 

The mortgage is available for a maximum loan to value of 100% and is available exclusively through Stroud & Swindon branches.  Consumers wishing to take advantage of this product can also benefit from free valuations for house purchases.

Paul Chafer, Sales and Marketing Director at Stroud & Swindon, commented: “We are delighted to be able to offer a new product to help first time buyers get their feet on the property ladder.  By offering a 100% loan to value mortgage, we can alleviate the pain first time buyers have to go through to save up for a deposit – which can potentially leave them priced out of the market. We also cover the cost of the Higher Lending Charge upto 100% LTV, resulting in a significant saving for already stretched First time buyers, helping them to find money for other costs eg stamp duty etc..

“In addition, the phased rate of interest allows them to spread the cost of their mortgage over a longer period of time.  By easing the financial burden for the first two years, first time buyers can save enough money to buy furnishings for their home.”

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For further information please contact:

David Greenleaf
Corporate Communications Manager
Stroud & Swindon
01453 768244

Lee Blackwell / Suman Katyal / Karen Butcher
The Wriglesworth Consultancy
020 7845 7900

Notes for Editors

About Stroud & Swindon Building Society:
Stroud & Swindon is the 15th largest building society in the UK with assets in excess of £2.8 billion.  The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices and 20 agencies in the South West, complemented by a direct call centre based in Stroud and website www.stroudandswindon.co.uk. 

3 Year Step Fix:

• Fixed at 6.09% for the first year, 6.19% for the second year and 6.69% for the third year, until 31/10/10
• The rate moves to the SVR after the fixed term period.
• Available through Stroud & Swindon branches only.
• Maximum loan to value of 100%.
• Early redemption charges of 3% apply until 31/10/10.
• Free valuations are available.
• A Higher Lending Charge paid for by The Society upto 100% LTV.
• A completion fee of £899 applies.