"These products provide customers with flexibility securing a discounted variable rate with the option of switching to a fixed rate deal"
Tipton & Coseley Building Society has launched a new range of Switch to Fix mortgage products.
The Switch to Fix products will allow customers to initially take out a variable discounted product over a three-year period. However, 12 months before the end of the product, customers can choose to switch to a fixed rate product from Tipton’s existing customer mortgage range without incurring any early repayment charges.
If the Tipton does not have a fixed rate account to offer customers at that time, then customers are able to switch to another lender without incurring any early repayment charges.
The Tipton have two purchase products available, one at a 4.54% initial rate, equivalent to a 3.10% discount from the Tipton’s standard variable rate (SVR), up to 75% LTV with a £999 arrangement fee. Alternatively, a 4.84% initial rate is available up to 90% LTV with a £999 fee.
Remortgage products are available at 4.59% up to 75% LTV or 5.09% up to 90% LTV with a £999 fee, up to £350 valuation fee contribution and fees assisted legals.
Jason Newsway, sales and marketing director at the Tipton, said: “With much uncertainty in the mortgage market over the direction of fixed rates, the Tipton has responded by providing customers with some alternative solutions. These products provide customers with flexibility securing a discounted variable rate with the option of switching to a fixed rate deal during the last 12 months without incurring any early repayment charges.”
