The product gives customers the peace of mind that if the Bank of England should increase interest rates over the next three years, the amount they pay on their mortgage will stay the same at 4.25%.
This product complements the society's existing range and their new award-winning mortgage payment protection policy. It is available to all borrowers, whether first-time buyers, home movers or those just moving their mortgage. There's free accident, sickness and unemployment cover for six months (subject to status) and a £295 arrangement fee, which can be added to the mortgage. There’s no extended tie-in but an early repayment charge of 5% of amount repaid early prior to 1/2/06
Announcing the new product, Lyn Colloff, group secretary and marketing executive at the Society, said: "Many more people than a few months ago are beginning to look seriously at fixing their mortgage rate. This new mortgage gives customers the peace of mind that, even though the Bank of England may increase interest rates, the cost of their mortgage will stay the same. Whether it’s a fixed or variable rate, discount or cashback, we’re giving customers the choice - that's what "All Staffordshire. No bull." is all about."