Huge rise in number of cheap five-year fixed-rate mortgages
The mortgage is funded by Coventry Building Society and has a competitive initial rate of 5.74 per cent. This rate will track the Bank of England base rate until September 30th 2010.
Duncan Pownall, mortgage development manager at Bradford Bingley, commented: The three per cent cashback tracker mortgage will appeal to both homemovers and remortgagers.
The cashback element in particular offers a helping hand for first time movers, who may have benefited from the house price growth of recent years and now enjoy a healthy level of equity within their property, but are now faced with much larger moving costs.
Mr Pownall said this is one of many exclusive products they offer to help homebuyers during the traditional moving season.
The main activities of Bradford Bingley Building Society are lending and retail. They provide a wide range of residential mortgages, secured commercial property loans and loans to Housing Associations . They also sell a wide choice of financial products through its branches and direct channels, including their own savings products.
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