Britannia 'pledges' not to withdraw fixed-rate mortgage products

18-Jan-2007

Britannia Building Society has announced its decision to not withdraw any products from its fixed-rate range of mortgages for first time buyers and repeat purchasers.

Although a number of mortgage lenders have taken the decision to withdraw all or part of its fixed-rate mortgage range, Britannia's decision could ensure that first time buyers maintain a degree of certainty over the cost of financing a property purchase.

Britannia offers a two-year fixed-rate at 5.34 per cent, in addition to a three, five and ten year-fixed rate with an interest rate of 5.44 per cent.

To find out more about these mortgages and other mortgages for first time buyers, click here.

"While other lenders have been pulling their fixed-rate products following the Bank of England base rate increase, we have decided against that move," said Tim Franklin, director of member business for Britannia.

"The last bank base rate rise was unexpected and we want to provide a little bit of certainty for people in a time of uncertainty," he added.

This week, the number of lenders who have opted to withdraw all or part of their fixed-rate mortgage range include the Progressive Building Society, Cumberland Building Society and Mansfield Building Society.

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