Staffordshire Building Society has launched two new flexible mortgage products in its first foray into the flexible market.
The products are available for first-time buyer, home movers and remortgages, have rates starting at 4.74.% for five years.
Staffordshire's first product is a 1% discount rate off the Society's 5.74% SVR for two years, with free accident, sickness and unemployment cover for six months subject to status. The offer also carries a free valuation and is available on all types of mortgages up to a maximum of £250,000 or 75% LTV, with a £195 arrangement fee.
Staffordshire's second product is a 0.8% discount for five years, with a pay rate of 4.94% (APR 5.3%). The product is available on all types of mortgages up to a maximum of £250,000 or 90% LTV, with a £125 product arrangement fee.
Both products offer the ability to overpay, underpay and take payment holidays. On the 1% discount product the customer can also have immediate access to a drawdown facility up to 75% of the value of the property, within an agreed income criteria.
Both products revert to the society's Loyalty rate of 5.70% after five years, with £300 cashback paid on completion.
Lyn Colloff, group secretary and marketing executive, says: “I'm delighted that we've been able to put these two new flexible products together to show that, on top of our other products that are in best buy tables, we really do understand what's important to borrowers.”