Britannia reduces mortgage rates

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A leading UK mortgage lender has reduced the rates on a number of its products.

Britannia has introduced three new two-year fixed options, which are available with a variety of starting rates and arrangement fees.

In addition, the company has also launched three five-year deals, with a similar number of options.

Tim Franklin, managing director of Britannia's member business, said: "Our new products give borrowers the peace of mind that their monthly payments will remain the same for the next two or five years, regardless of what happens within the wider economy."

He added that the deals give consumers an opportunity to pick products that "best suit their needs".

Recent research by the Council of Mortgage Lenders found that gross mortgage lending in the UK grew by five per cent during July compared to figures for the previous month.

However, the study also found that the figure of £24.8 billion was 27 per cent lower than a year ago.

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