Wednesday, 17 December 2014

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TSB launches 10-year Fix and Flex mortgage

TSB has launched a 10-year Fix and Flex mortgage that offers the reassurance of a fixed rate over a longer term, yet allows homeowners to remain flexible by enabling them to refinance or leave the mortgage after five years – without having to pay an early repayment charge.
According to research by TSB based on a Consumer Intelligence survey over half (55 per cent) of British homeowners with a mortgage are worried about an increase to the Bank of England’s base rate and the impact that it will have on their mortgage repayments.
Of people on a variable rate, or a fixed rate that ends next year, those concerned climbs to almost two-thirds (62 per cent).
The research also showed that 65 per cent of people would consider taking out a 10-year mortgage but of those, 72 per cent are concerned about being locked in for 10 years or having to pay an early repayment charge should they need to change their mortgage deal.
Key features of Fix and Flex
  • Interest rates from 3.44 per cent to 4.74 per cent, depending on loan-to-value
  • Mortgages available up to 90 per cent loan-to-value.
  • No product or application fees.
  • Available to first-time buyers, those wishing to move home and homeowners looking to remortgage.
  • Mortgage deal is portable for those moving to a new home.

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