10 year fixed rate below 4%
Published ¤ 26/08/2011 14:35:47
The first ever sub-4% 10 year fixed rate is launched today from Chelsea Building Society.
From today, the Chelsea will offer a 10 year fixed rate mortgage at 3.99% and has cut its innovative 5, 6, 7 mortgage, where the borrower chooses the term, to 3.69%.
Both products are for loans at 70% LTV and are available across all channels.
The 5, 6, 7 mortgage products have a £195 fee while the 3.99% 10 year fix has a fee of £1,495. A 10 year fixed rate deal of 4.19% comes with a £195 fee.
Chelsea Building Society's Group Direct Mortgage Manager Chris Smith said: "The 5, 6, 7 mortgage has proved extremely successful since we launched this new product a month ago.
"The 7 year option was unique when we launched it and has been the most popular - more customers have chosen this from the choice of the three terms, so we are responding to that demand for longer term fixes by reducing the rates on the 10 year product.
"On the back of further falls in swap rates we are able to pass these savings onto our members."
Paul Skinner is managing director of PKS, an independent mortgage and insurance broker based in Odiham, Hampshire. Paul said "This is excellent news for those people looking for longer term security. There are now a fantastic range of options for those people looking to fix thier mortgage for 4 years or more, starting at below 3%.
"Of course, it is important to seek independent advice, because many lenders have tightened their criteria, and a failed mortgage application can seriously affect the chance of being accepted by other lenders. PKS is one of only a small number of brokers that offer "truly" independent advice, which includes deals only available direct to the lender."
To contact PKS, please call 0845 226 5009 or click here to send a message. Our initial advice is always free!
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