Scarborough launches new fixed-rate mortgage package

24-May-2007

Scarborough Building Society has announced the launch of a new fixed-rate mortgage product, which may be of interest to first time home buyers.

Available from May 25th, the new mortgage is available to both first time home buyers and home-movers and offers an interest rate of 4.98 per cent, fixed for a period of two years.

After the initial fixed period has expired, the mortgage will revert to an interest rate of 1.49 per cent above the Bank of England's base rate.

"Although we believe the prospects for the UK housing market remain very positive, there is no doubt that borrowers will be starting to feel the pinch of four successive interest rate rises over the past 12 months," said Tony Burdin, head of group marketing at Scarborough Building Society.

The package is available up to a loan-to-value of 95 per cent.

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

Scarborough Building Society offers a range of financial products and services, including credit cards and personal loans.

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