Preferred launches two and three-year fixed rates

Preferred has launched two and three-year fixed rates offering sub-prime customers the security of a competitive rate, with no extended tie in.

The products include rates from 5.69% with rate cuts across the range. The two-year fixed rate runs until January 1 2008, with no extended tie in, and the three-year fixed rate runs until January 1 2009, with no extended tie in.

There will be a flexible either/or option on its Unlimited range and no remortgage loading up to 80% LTV. Right to Buy loading is cut substantially across the range. Also, Right to Buy and buy-to-let are now available on near-prime and there is a 65% LTV band.

Cate Hillis, head of product development at Preferred, says: Our recently repositioned Core Range has met with an excellent response from the market, so were very pleased to be launching our new fixed rates so soon afterwards.

“We have made substantial rate cuts across the range and are delighted to be passing the benefit directly to the customer.