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Cheshire fixes at 5.78% for decade

Cheshire Building Society is expanding its mortgage range to offer nine new loans, including flexible trackers, a first-time buyer product, discounts and fixed rates.

The 10-year fixed rate mortgage offers up to a 95 per cent loan at a rate of 5.78 per cent compared with the current variable rate of 5.65 per cent.

The loan also allows for annual opt-outs after five years so if the fixed rate is no longer competitive, borrowers can switch to a new deal.

Cheshire claims its three-year stepped-discount mortgage for first-time buyers offers the lowest discounted rate in the market during the first year, at 2.5 per cent off the standard variable rate.

There are also two three-year discount mortgage rates. The first offers a discount of 1.46 per cent on the standard variable rate up a loan to value of 80 per cent and the second has a discount of 1.51 per cent, available up to 95 per cent.

The society&#39s flexible tracker mortgage is offering a discount of 4 per cent off the Bank of England base rate for the first six months with no lock-in period or redemption charges.

Product manager Bob Gratton says: “The scope of the mortgages ensures that, whatever the need, a mortgage solution is available.”

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