Manchester Building Society is launching a 25 year residential mortgage with a fixed rate of 6.29 per cent for the life of the mortgage.
The mortgage, available as repayment or interest only, is available for up to 80 per cent loan to value. It carries a £295 arrangement fee and early redemption charges of 3 per cent in the first five years reducing to nil after 10 years.
A procuration fee of 0.2 per cent of advance is payable, up to a maximum £500.
Manchester chief executive David Cowie says: “Our long term fixed rate product has been designed to offer a highly competetive rate combined with moderate rather than onerous early redempton charges.”