Britannia launches 2-year fixed rate mortgage

Britannia is launching a new two-year fixed rate mortgage on October 28, offering a rate of 4.29% up to 95% LTV which is a drop of 20 basis points as the previous rate was 4.49%.

The initial rate on Britannias two-year discount tracker will also drop on Friday October 28, to 4.35%. The product will track Bank base rate currently 4.50%, minus 0.15% for the first two years and will then revert to Bank base rate plus 1.50% for the life of the mortgage.

There is an arrangement fee of 399 on both products, both are available to new and existing customers, and there is no compulsory insurance.

In addition to the above mortgages, Britannia is launching a two-year discount tracker remortgage package. The product has the same rate as the above discount tracker, but offers a free standard valuation, a free conveyancing service and no administration fee for remortgage customers.

Tim Franklin, managing director of Member Business, says: Although the money markets are moving upwards, Britannia is able to offer three extremely competitively priced products which should appeal to many customers.