Last checked at 15 Aug 2012 16:31
PRESS RELEASE
The Manchester Unveils Long Term Fixed Rate Mortgages
Manchester Building Society has added an attractive residential and two buy to let long term fixed rates to its product range, marking its return to this area of the market.
The residential product interest rate is 5.24% up to 80% LTV with a £995 arrangement fee. Perhaps uniquely, the interest rate can be fixed for a period set by the borrower at between 10 and 25 years.
The two buy to let products are a 5.74% interest rate for mortgages arranged on a capital repayment basis and an interest only version at an interest rate of 5.99%. The products are available to 75% LTV and both have a low £749 arrangement fee. Again, the fixed rate period can be set by the borrower at between 10 and 25 years.
Chris Mitton, Market Relationship Manager said;
"I am delighted to launch our long term fixed rates, an area of the market which is presently uncatered for.
I believe that in this climate of economic uncertainty, many people are seeking the security of knowing what their future mortgage payments will be. The lion's share of the market is currently dominated by short term fixed rates. Our long term fixed rate products offer an alternative for those seeking longer term peace of mind.
I think the buy to let products will particularly appeal to investors seeking to hold their buy to let property over the long term, and want to lock in certainty of their funding costs for an extended period of time.
In addition, the interest rates can be fixed for between 10 and 25 years making them ideal for risk averse clients. Borrowers may wish to set a fixed rate period of say 17 years for example, to tie in with other life events, such as retirement.
The early repayment charges across our new long term fixed rate products last for the first seven years only, providing borrowers with further flexibility".
For further information or to discuss an enquiry call Chris Mitton, Market Relationship Manager, on 07764 927 861 or contact the Market Relationship Team on 0161 923 8014.
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Notes to Editors
About Manchester Building Society
n Manchester Building Society is a top 20 Building Society
n Manchester Building Society provides a range of residential mortgages, comprising
discounted variable rates, fixed rates, and an Offset discounted rate. It also offers a range
of BTL discounted variable rate and fixed rate mortgage products.
n Over 90% of mortgage business is received through intermediaries.
n Centralised lender operating from Manchester City Centre offices which lends throughout
England and Wales
David Cowie - Group Chief Executive 0161 923 8000
Ian Richardson - Executive Director 0161 923 8000
Chris Gee - Group Finance Director 0161 923 8000