Stroud & Swindon launches cashback mortgage

Commenting on the new product, Elaine Thomas, mortgage product manager said, “This new mortgage provides a cashback sum that can be used for any purpose and will therefore appeal particularly to those people seeking a timely cash boost for home improvements, new furnishings for a new home or even for repaying existing loans.”

Product details include:-

- One off cash repayment of 7.5% of the loan amount paid within 14 days of completion

- Funds can be used for any purpose

- Interest rate payable will be the Society’s SVR currently 6.79%

- £395 completion fee

- No Higher Lending Charge payable by the borrowers

- Remortgages : Free valuation (up to £600,000) and free basic legal fees

- Early Repayment Charges (percentage of the original loan amount) apply until 31/10/2011 as follows:-

7.5% until 31/10/2006

then 7% until 31/10/2007

then 6% until 31/10/2008

then 5% until 31/10/2009

then 4% until 31/10/2010

then 2% until 31/10/2011

- Available through all distribution channels.