The Harpenden Building Society has launched a two-year fixed rate residential mortgage.
The mutual says the new product has been introduced to meet anticipated demand from customers concerned by the unprecedented levels of economic uncertainty currently seen in the UK.
It is priced at 2.75% and is available for repayment, interest-only and part & part.
It comes with an arrangement fee of £1,999 and administration fee of £100 (refunded upon completion).
The procuration fee is 0.3%.
The new fixed rate product represents the Society’s first entry into the fixed rate market for ROO mortgage lending to prime complex customers.
Ken Hale, head of lending at Harpenden Building Society, said: “Our new fixed rate offering is a major step forward for us in diversifying our product range and will provide additional security for our customers during this time of economic instability.
Our new, two-year fixed rate mortgage allows our customers to plan with confidence but without being locked into an unnecessarily long, restrictive deal such as a five-year term. Additional flexibility is retained within the two-year fixed rate product with overpayment options included so customers can pay off the loan quicker.”