New fixed rates targeted at high street
Neena Kithoray, senior product manager at Bristol & West, said: “We wanted to offer brokers a range of mortgages, which they could comfortably sell to the majority of their customers, knowing they are offering them first class products to suit their needs.”
“We believe there will be an upturn in interest rates within the next couple of years, so taking out a longer term fixed rate now is an astute way of making long term savings.”
Products in the range include a three-year fixed rate, with an initial rate of 4.89 per cent fixed until 31 January 2005, a five-year fixed rate with an initial rate of 4.99 per cent until 31 January 2007, and a five-year fee free fixed rate with an initial rate of 5.65 per cent designed for first time buyers.
Other new fixed rate product releases include a stepped fixed rate from NatWest which has an initial rate of 4.59 per cent for 18 months and then 4.99 per cent for two-years.