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Lender says...

Britannia Building Society has launched a members only three-year fixed rate mortgage.

The product has a rate of 6.14 per cent and is available up to 75 per cent loan-to-value.

It has an arrangement fee of £499 and early repayment charges of 3 per cent in the first year, 2 per cent in the second and 1 per cent in the third with no tie-in.

There is an option to go up to 90 per cent loan-to-value but with a 6.89 per cent interest rate.

Tim Franklin, managing director of member business for Britannia, said: "Because we are a fair organisation, we never offer new customers better deals than existing ones. In fact we prefer to reward our loyal members with great deals like this one." 

Adviser says...

Paul White, a consultant for London-based IFA Belgravia Insurance Consultants, said: "This is a good rate considering that Astra currently has a one-year fixed rate at 5.69 per cent with an arrangement fee of £585 at 85 per cent LTV.

"The Britannia mortgage suits those with smaller mortgages, less than 75 per cent LTV. This product is likely to appeal more to the mature market."

Rating 4/5 stars