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Britannia latest to cut rates

Thursday, 31 July 2008 6:04 AM

Britannia Building Society has become the latest lender to cut the cost of its fixed-rate mortgage deals.

Following the lead of HSBC, Woolwich, HBOS and the Yorkshire Building Society in recent days, the lender has announced it is to cut rates by up to 0.35 per cent.

As a result the lender - which is the second biggest building society in the UK - will now offer a two-year fixed-rate deal at 6.59 per cent, with a 75 per cent maximum loan-to-value ratio (LTV) and a £499 fee.

The same deal is on offer with no fee, at a rate of 6.89 per cent.

For those looking to remortgage a two-year fix can be had at 6.19 per cent, with a maximum 50 per cent LTV, and similar £499 fee.

All the rates are below the average cost of fixed-rate borrowing of 6.95 per cent reported by MoneyFacts.co.uk earlier this week.

For those looking for a three-year deal, Britannia is offering 6.29 per cent interest, with a maximum 75 per cent LTV and a £499 fee. Again a fee free version is available at 6.59 per cent.

Finally five-year fixed rate deals are on offer at 6.24 per cent, with the same 75 per cent LTV and £499 fees.

A 6.59 per cent deal with 75 per cent LTV is again available with no fee.

The new rates come into effect from Friday August 1st.

Chris O'Toole

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