Britannia To Introduce 40 Years Mortgage
NOVEMBER 14TH, 2006
| Credit Cards (introductory rate & period) |
Typical APR | Options |
| Virgin Credit Card 0% balance transfers, 13 months ( 2.9% balance transfer fee ) 0% purchases, 3 months |
15.9% (variable) |
 |
| Post Office Credit Card 0% balance transfers, 8 months ( 2.5% balance transfer fee ) 0% purchases, 3 months |
14.9% (variable) |
|
| Personal Loans | Typical APR | Options |
| Moneyback Bank Personal Loan | 5.7% | |
| Northern Rock Personal Loan | 5.8% | |
Britannia Building Society insist they are looking to help first time buyers onto the property ladder by stretching their mortgage term from 30 years to 40 years.
We have seen Britannia over the past year focus on first time buyers with products such as their first time buyer mortgage and share to buy scheme.
Tim Franklin, Britannia's Member Business managing director says, "As a responsible lender we have looked at ways for first time buyers to overcome initial affordability requirements and decided to review our existing 30 year mortgage."
He continued, "There will be the opportunity to reduce the mortgage term once they have found their feet on the property ladder."
The new mortgages will be introduced from Friday 17th of November.
It comes at a time when Abbey introduced the first mortgages to offer 5 times yearly salaries which many believe was a great publicity stunt.
