Trio of new mortgage products from The Loughborough
Back to News & ViewsThe Loughborough Building Society has unveiled a trio of new mortgage products, designed to bring down the cost of borrowing.
It has cut the interest rate on two fixed-rate mortgages. Its 2 year 3.55% offer has been cut to 3.35% and the 3 year 3.95% rate has been reduced to 3.75%.
At the same time the Society has raised the maximum percentage loan available on its 2 year 2.99% discount mortgage from 80% to 85% of the property value, making it accessible to more borrowers.
Chief Executive Gary Brebner said: “We believe these moves will make more borrowers look closely at The Loughborough.
“We have responded to the growing demand from customers for a lower deposit and our research shows it is one of the key factors customers look at when deciding on a mortgage. There is also a trend towards fixed-rate products and our offers, coupled with lower interest rates, will help to meet this demand from our borrowers.”
He added: “As a smaller society, it is easier to adapt to market changes and especially reacting to market pricing. The ability to offer such competitive rates during a difficult economic climate is a strong message and the Society may surprise a few people with its ability to provide good value products to market on a national scale.”
These mortgages are suitable for existing homeowners, first-time buyers and people wishing to switch mortgage provider.
Full details of the product are available online at www.theloughborough.co.uk/mortgages/