SSBS Launch a new 15-Year Fixed Rate Mortgage

Stroud & Swindon, the UK’s 15th largest building society, today announces the launch of a 15-year Fixed Rate Mortgage at 5.15% until 2022.  This is the second 15-year fixed rate deal that Stroud and Swindon has launched in the last two months with the first product selling out within two weeks.

The mortgage is ‘portable’ and ideal for consumers who wish to fix their mortgage repayments over the long term in order to ensure stable repayments in case of further possible rate rises.

This new product, which is rated overall first in mortgage comparisons, is available through Stroud & Swindon branches as well as via their website and call centre (0800 618 161). The maximum loan to value is 90% with a minimum loan of £16,000 and a maximum of £500,000.

The product has early redemption charges of 6% (first five years) and 5% (second five years) dropping to 2% for the final five years.  Consumers are also able to pay off up to 25% of the original loan at any time without penalty.  The product has a £795 completion fee.

Paul Chafer, Sales Director of Stroud & Swindon Building Society comments:  “The housing market is showing no sign of slowing pace, forcing consumers to borrow vast amounts of money. Combined with the rise in interest rates and increasing energy bills, many homeowners are facing very stretched budgets.

“As a result, we have launched a second 15-year fixed rate mortgage, with a competitive rate of 5.15%. Rather than the hassle, expense and lack of security of finding a new mortgage deal every two or three years, this gives borrowers piece of mind by offering a great rate for 15 years – without having to worry about possible future interest rate rises.”

ENDS

David Greenleaf
Corporate Communications Manager
Stroud & Swindon
01453 768244

Brian Thorn/Lee Blackwell
The Wriglesworth Consultancy
020 7845 7900

Notes for Editors

The 15-year Fixed Rate Mortgage:

• 5.15% fixed rate until 2022.
• Maximum loan to value (90%).
• The mortgage is portable.
• Minimum loan (£16,000) and maximum loan (£500,000).
• The product has early redemption charges of 6% (first five years) and 5% (second five years) dropping to 2% for the final five years. 
• There is a completion fee of £795 and a reservation fee of £249.
• The mortgage is available to purchasers as well as those wishing to remortgage (including existing Stroud & Swindon customers).
• Consumers who remortgage using this product can take advantage of free valuation and legals.

About Stroud & Swindon Building Society:

Stroud & Swindon is the 15th largest building society in the UK with assets in excess of £2.5 billion.  The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices in the South West, complemented by a direct call centre based in Stroud and website www.stroudandswindon.co.uk.