Scarborough offering new fixed rate deals

Scarborough Building Society is the latest mortgage provider to be offering a new range of fixed rate deals to the millions of homeowners whose current deals are soon set to expire, with two to 25-year fixes starting from 5.54 per cent.

The two and three-year fixed rate mortgages both feature an interest rate of 5.59 per cent and a product arrangement fee of £895, while the five-year fix comes with a 5.64 per cent interest rate and a £795 arrangement fee. There are also seven-year and 10-year fixes available with a 5.54 per cent interest rate and arrangement fees of £695 and £595 respectively.

For those looking to secure their mortgage over a longer period, the building society is also offering 15-year and 25-year deals, both of which come with a fixed rate of 5.89 per cent and a £695 arrangement fee.

Ella Bowles, mortgage product manager at Scarborough, said: "Record numbers of people are due to come off fixed rate mortgage deals this year, and will belooking to balance their budgets.

"Therefore, we felt it was important to provide them with cost effective alternative products which offer the certainty of guaranteed payments over whatever term they are comfortable with."

She added that the building society also offers a competitive range of tracker products for people who prefer not to fix their rate and believe that the base rate may be reduced further this year.

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