Britannia, the UK's second-biggest building society, is offering a new
fixed-rate mortgage for first-time buyers and remortgages.
The loan is fixed at 5.14 per cent for two years up to 75 per cent loan to
value and at 5.34 per cent up to 95 per cent LTV.
After the fixed period, the loan reverts to Britannia's variable rate,
which stands at 6.64 per cent following the Bank of England's 0.25 per cent
base rate cut last week. Borrowers receive free unemployment cover for 12
months, free homebuyers' cost protection insurance and an annual cash bonus
through Britannia's loyalty bonus scheme, which has handed back more than
£200m to members over the past five years.
There is a £295 arrangement fee but no Mig charge for borrowers with
at least a 10 per cent deposit.