On this new product it has also scrapped arrangement and valuation fees.
The new mortgage gives a stepped discount of 2% off the Society’s standard variable mortgage rate in year 1, 1% discount in year 2 and 0.75% discount in year 3. The mortgage is available to first time buyers, home movers and people just moving their mortgage from one lender to another.
There’s no product arrangement or mortgage valuation fees or any completion charge to pay and members can also use the society’s Fast Track free legal service or receive a £350 cashback. Customers can also apply for free cover for 6 months under the society’s award-winning mortgage payment protection scheme. After 5 years, customers will be automatically moved to the society’s special loyalty rate scheme will gives them a 0.4% discount of the society’s standard variable rate.