The product also comes without a completion fee – potentially saving hundreds of pounds in the initial costs.
Steven Marks, corporate development executive at NIS, said: “Many brokers will have discussions with clients around when interest rates will rise, as a lot of commentators are too. It makes sense for those clients who prefer the security of knowing what their monthly payments will be, to fix now. For many, five years gives them the comfort they need, which will help with their household budgeting.
“This is a very competitive product in the intermediary marketplace and something that those with a larger deposit will hopefully be attracted to.”
NIS also has an 80% LTV 2-year no fees product at 3.10% (APR 5.6%). With no completion, reservation, valuation or legal fees it is likely to attract borrowers that want to make upfront savings yet still need to have the security of the same regular monthly payments.