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B&W squares up with five by five

BRISTOL & WEST MORTGAGES

5.05% Five Year Fixed

Type: Fixed rate mortgage

Fixed term: Until March 31, 2010

Fixed rate: 5.05%

Minimum loan: 15,001

Maximum loan: Up to 95% of valuation subject to a maximum of 150,000, up to 90% of valuation subject to a maximum of 450,000, up to 75% of valuation subject to a maximum of 1m

Income multiples: Up to four times principal income plus second or 2.75 times joint

Arrangement fee: 399

Conditions: Free valuation, free legal fees for remortgages

Redemption fee: 4% of the original loan until March 31, 2010

Introducers fee: Refer to lender

Tel: 0117 943 7755

Bristol & West s 5.05% five year fixed mortgage is available up to 95 per cent of valuation.

London & Country mortgage specialist James Cotton feels this is a competitive rate. He says: “Five-year fixed rates have plummeted recently with a number of them now below 5 per cent. While this offering is just above that mark, it offers a free valuation and free legal work for remortgages. Those with loans of 200,000 or more may get the best value from the lower rates available, but for others looking for stability over five years, this will represent a good deal.”

On the downside Cotton mentions there is no flexibility. He says: “Borrowers should make sure that they are happy to be tied into this deal for five years without the ability to make penalty-free overpayments. Interest on this scheme is calculated on an annual interest basis rather than daily.”

Cotton concludes that Derbyshire, Leeds & Holbeck and Cumberland , which offer five year fixed rates at 4.94 per cent, 4.95 per cent and 4.99 per cent respectively, are likely competitors to Bristol & Wests deal.

BROKER RATINGS

Suitability to market: Good
Flexibility: Poor
Competitiveness of mortgage rate: Good
Adviser remuneration: Average

Overall 7/10

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