The Beverley Building Society has launched a two-year fixed rate mortgage, in a bid to help borrowers needing control over their monthly mortgage payments, such as first-time buyers and so-called ‘trapped borrowers’.
Details are as follows:
- 2.99% up to 80% LTV, or 3.19% up to 95% LTV
- Fixed for two years from completion, then reverting to SVR, currently 4.99%
- Up to 95% loan to value for purchases and 90% for remortgages
- £995 completion fee
- Free legal fees and valuation for remortgages.
Graham Carter (pictured), head of lending at the Beverley Building Society, said: “In November, we announced our plans to help trapped borrowers move on from excessively expensive deals with other providers, by implementing the Financial Conduct Authority’s new rules around affordability assessments for people able to demonstrate a positive payment track record.
“For them, first time buyers or anyone also needing to carefully manage their budgets, we hope this new product will offer a valuable new option.
“This is just the latest example of how we are seeking to remain true to our founding purpose, of enabling as many people as possible – and particularly those with complex circumstances – to own their own homes.”