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Good intentions as the property market levels out Britannia fixes for two years and caps for three

Britannia Building Society is offering a five-year loan which is fixed for the first two years and then capped for the remaining three years of the term.

The 2+3 Mortgage is fixed at 3.49 per cent for two years then capped at 5.99 per cent for three. The loan is available up to 95 per cent LTV and has a £295 arrangement fee.

It also comes with free insurance against gazumping and if the borrower takes out Asu insurance the first six months are covered for free.

The redemption penalties are 360 days&#39 interest in the first and second year, 240 days&#39 interest in year three and 180 days&#39 interest in years four and five.

Head of marketing Alan Long says: “Short fixed-rate mortgages are very popular with customers looking for security as they guarantee a monthly repayment. The 2+3 Mortgage offers customers a little more than a traditional two-year fixed rate – giving them stability for the medium term as well as the short term.”

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