Falls in Britannia mortgage rates announced

Date:Thursday 16th April 2009
Author: Max Freedman

Britannia has announced it has reduced the rates it charges on its two and three-year fixed-rate mortgages.

As of yesterday (April 15th), the lender cut rates on some such products by up to 60 basis points.

For example, the firm now offers initial rates from 3.59 per cent on products fixed for two years.

Commenting on the move, Tim Franklin, managing director of member business at Britannia, said: "Although there are some great rates available in the market at the moment, it's important that borrowers look at the overall package, not just the headline rate."

He added that, while Britannia's mortgages are not the lowest around, they offer "some of the best value around" in terms of true cost basis when borrowers take into account the arrangement fee and valuation.

Recently, Abbey announced a number of new mortgage offerings, including a four-year fixed-rate deal at 5.84 per cent available exclusively to first-time buyers.