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New rates announced by Cheltenham & Gloucester

Further to last week’s post Cheltenham & Gloucester have announced a new product at 90% Loan to Value and a reduction in their five year fixed rates at 85% loan to value.

The new 5 Year fixed rate at 7.19% doesn’t look particularly appetising on paper with a £995 arrangement fee, Early repayment charges staggered at 5% in the first two years and then 4,3 & 2% consecutively for the remaining years, a valuation fee of £300 based on a loan of £100K, with APR at 4.8% and a reversion rate currently at 2.5% but it does reflect the general easing of criteria and willingness to lend at higher loan to value.

Again the reduction of .1% on their existing five year fixed rate at 85% loan to value won’t have Mortgage Brokers dancing in the streets but is a very small step in the right direction. It now has a five year fixed rate of 6.89%, £995 arrangement fee, Early repayment charges staggered at 5% in the first two years and then 4,3 & 2% consecutively for the remaining years, a valuation fee of £300 based on a loan of £100K, with APR at 4.6% and a reversion rate currently at 2.5%.

As usual refer to the Key Facts Illustration before making a decision on a Mortgage and seek independent Mortgage Advice to ensure the product is suitable.

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