Birmingham Midshires has launched a three year fixed rate mortgage deal exclusively for first time bu...
There is no arrangement fee and the mortgage carried a fixed rate of 6.29% until May 2004. A free valuation worth up to £455 is also available as well as £200 cashback upon completion to help cover up-front costs.
The package includes a £200 discount on the first year's premium for either buildings and contents insurance or an accident, sickness and unemployment policy opened through Birmingham Midshires on completion of the mortgage.
Stephen Sandiford, head of borrowing products at Birmingham Midshires said: "We've developed a competitively priced mortgage which reduces the hidden costs of setting up a home and, when the time comes, enables new home owners to switch to a better deal."
When the fixed rate period expires in May 2004 customers are eligible to choose one of Birmingham Midshire's new business mortgages, with no arrangement fee.
There is a phased early redemption charge, limited to the three year product term, 5% of the capital repaid if redemption is prior to May 2002, 4% up to May 2003 and 3% up to May 2004.
More information may be found on 0500 22 88 22, with lines open Monday to Friday 8am to 8pm and 9am to 4pm on Saturdays.
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