Platform launches 7-year fixed-rate mortgage

Platform has announced the launch of a new seven-year fixed-rate mortgage deal.

The Co-operative Bank's dedicated intermediary mortgage lender is offering the product with free valuation, and free standard legal fees for remortgages. Administration fees are set at £140.

An 80 per cent loan-to-value seven-year fixed rate is priced at 5.29 per cent, with 75 per cent at 4.99 per cent, 70 per cent at 4.79 per cent and 65 per cent at 4.69 per cent.

According to Platform, the lender is "aiming to exploit falling rates with increasing consumer appetite for longer term deals".

Lee Gladwell, business development director at Platform, said fixed mortgages have "picked up significantly" in recent months as rates have become more competitive with tracker products.

"However, these historically low long-term rates are maybe never to be seen again," he commented.

"While many commentators are predicting little movement in interest rates in the short-term, there's only one direction they can move in the long-term."

The Bank of England's Monetary Policy Committee has kept it base rate on ice at 0.5 per cent since March 2009 in an attempt to spearhead an economic recovery.

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2010-06-29 13:32:12 © Moneyextra.com