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Britannia lowers mortgage rates for loyal clients

Britannia is introducing lower mortgage rates for loyal borrowers.

Borrowers who have had their current mortgage for 10 years or more will pay a standard variable rate of 6.59 per cent and five-year borrowers will pay 6.79 per cent.

The standard variable rate for borrowers still in their first five years is now 6.99 per cent.

The rates are in addition to Britannia&#39s loyalty bonus scheme, which returns a share of annual profits to members. For a 10-year member with a £100,000 mortgage, the bonus was worth £220 this year.

Britannia&#39s current range includes a first-time buyer&#39s mortgage with no fee, a free valuation and three-year fixed rates from 5.69 per cent. New mortgages also include homebuyers insurance.

Sales and marketing director Gerald Gregory says: “As a mutual, our sole task is to provide value and service to our members. In particular, that means rewarding members who stick with us. Our new loyalty rates will ensure borrowers continue to receive value for money after their introductory offers have expired.”

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