Aldermore has added two new two-year fixed rate products to its limited edition range of residential mortgages.
The lender has launched a two-year fixed rate at 3.49 per cent available up to a 65 per cent loan-to-value. After two years the rate reverts to Aldermore’s managed rate, which is currently 4.98 per cent.
It has also added a new two-year fixed available up to 75 per cent LTV at a rate of 3.99 per cent. After two years the rate revers to the bank’s managed rate plus 0.5 per cent.
Loans are available up to £600,000 for either house purchase or remortgaging and both products have a completion fee of £1,999. Both mortgages also have an early repayment charge of 5 per cent of the outstanding balance in year one and 4 per cent in year two.
Residential mortgage chief executive Colin Snowdon says: “Two-year fixes have always been popular and these are very competitive deals, particularly for borrowers applying for larger loans because of the fixed price completion fee.
“These deals are ideally suited to borrowers who want to remortgage and lock-in to existing low rates, before they are hit by possible rate increases in 2011. All our remortgage deals come with free legals.”
Appointed representatives and directly authorised brokers can access these products, which are being marketed by Aldermore’s distribution partners: 3mc, BDS, Intrinsic, Legal & General, Mortgage Force, Mortgages for Business, Mortgage Intelligence, Mortgage Next, Pink, Personal Touch, Platinum, PMS and Sesame.