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Ten-year fixed rate mortgage from West Bromwich

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West Bromwich, the national building society that started in the West Midlands, has released a fixed-rate mortgage product onto the market. The move comes at a time when lenders are having to diversify in order to compete in the personal finance sector.

The ten-year fixed-rate mortgage is offered at the low rate of 4.69 per cent. Government advice, and popular consumer consensus, dictates that fixed-rate mortgages are a �safe� option. Fixed payments allow borrowers a stable and secure rate of repayment. West Bromwich Building Society have stated that the new mortgage deal actually tops the best five-year fixed rate deals, and even beats many of the two-year deals that lenders are currently selling.

The product, which allows the borrower some flexibility, will allow overpayment, underpayment, and even the option of taking repayment holidays . It is available for up to 95 per cent of a properties value. The arrangement fee sits at just under �450, and the package also includes free legal fees in the event of a remortgage.

Long-term fixed rate mortgages offer substantial protection from fluctuation in interest rates. Knowing exactly how much each monthly repayment will be is often viewed as attractive, particularly for first-time buyers desperate for stable financial planning .

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