New Britannia mortgage launched

Britannia Building Society has launched a new 2-year low start tracker mortgage, offering a rate of 4.75 per cent, the Bank of England's base rate.

The product tracks the Bank of England base rate for the first two years, followed by Bank of England base rate + 1.50 per cent for the remaining life of the product. The arrangement fees are £299, the MortgageIntroducer website reports.

Customers wanting to benefit from base rate, also have the peace of mind should rates rise, of being able to change products at any point throughout the life of the product, penalty free, Britannia says.

Alan Long, head of marketing at Britannia, commented: "The Low Start Tracker offers customers a great rate, at Bank of England's base rate for two years, and if rates increased, customers have the option to change products, at any time during the life of the mortgage.

"This low start rate, coupled with a low arrangement fee, makes this product a good buy."