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Staffordshire launches new discounts

Staffordshire Building Society has launched two new discount mortgage products, with rates starting from 3.79% for two years

The first product is a straight 1.95% discount rate off the society&#39s standard variable rate – currently 5.74% – for two years, making a pay rate of 3.79%. The product comes with free accident, sickness and unemployment cover for six months plus a free valuation. It is available on all types of mortgages up to a maximum of £200,000 or 95% LTV &#45 90% LTV for remortgages. A £195 product arrangement charge which may be added to the mortgage.

The second product is a straight 1.75% discount rate off the SVR for two years, making a pay rate of 3.99%. This product also comes with free accident, sickness and unemployment cover for six months plus a free valuation and is available on all types of mortgages up to a maximum of £200,000 or 95% LTV &#45 90% LTV for remortgages. A £300 cashback is paid on completion.

There are no extended tie-ins on either product with an early repayment charge of 5% of the amount repaid prior to the second anniversary of the mortgage.

Lyn Colloff, group secretary and marketing executive at Staffordshire Building Society, says: “I&#39m delighted that we&#39ve been able to put these two products together to show that we really do understand what&#39s important to borrowers.”

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