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New rates announced by Cheltenham & Gloucester

Author: Andy Bedford » Publish Date: 16 September 2009

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: 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 five-year fixed rate at 85% loan to value won’t have Mortgage Brokers dancing in the streets, but it is a small step in the right direction.

It now has a five-year fixed rate of 6.89%, 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; APR at 4.6% and a reversion rate currently at 2.5%.

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

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

We do not usually charge a fee for mortgage advice, although you may pay up to 1.5% of the loan amount. Some buy-to-let and commercial loans, are not regulated by the Financial Services Authority.

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