West Bromwich launches ten-year fixed rate mortgage

24 January 2006
West Bromwich Building Society has launched a new mortgage in order to compete in the personal finance sector.

The new ten-year fixed rate mortgage is charged at 4.69 per cent and is intended to provide security and reliability for homebuyers.

According to the building society, this mortgage beats the best available five-year fixed rate deals, as well as many two-year deals that are taking advantage of government advice which has commended long-term fixed rate mortgages.

The product has a loan to value of up to 95 per cent, as well as an arrangement fee of £449 and free legal fees for remortgage customers.

Mortgage customers are allowed to make overpayments, underpayments and take payment holidays, dependent upon their financial situation.

Stephen Karle, operations director at West Bromwich, said that the new product could help make long-term mortgage products more popular.

"For some time, there have been calls for long-term fixed rate mortgages because of the protection they provide from fluctuations in interest rates.

"For first-time buyers, there is the assurance of letting borrowers know exactly how much they will pay over the term of the mortgage while having the further advantage of allowing for stable financial planning."

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