Britannia Building Society has announced a drop in the mortgage rate of its ten year fixed rate mortgage.
The new deal, available from August 26, will offer a market-leading rate of 4.74 per cent, a decrease of 25 base points.
Available for up to 95 per cent loan to value, the product carries an arrangement fee of £349 and a £100 administration fee, but features no compulsory insurance.
Tim Franklin, managing director of member business at Britannia, said: "Unlike other lenders who are withdrawing or increasing rates on fixed term mortgages, Britannia Building Society is offering customers the chance to get their hands on a great product with a low rate that gives homeowners the security of fixed monthly payments."
Britannia's decision marks it out from other lenders, few of whom have announced a decrease in mortgage rates, despite the Bank of England (BoE)'s Monetary Policy Committee (MPC)'s decision to lower the base rate to 4.5 per cent.To find out more about fixed rate mortgages, click here.
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