The Rollover is a mortgage from the Yorkshire Building Society aimed specifically at those who are in the last few years of their mortgage term, according to The Press Association.
It will give borrowers the opportunity to fix their mortgage at 2.69 per cent for one year. At the end of that period, they will be able to fix it for another year, let their mortgage move on to the Society?s standard variable rate (SVR), which currently stands at 4.99 per cent, or move to another product.
Yorkshire, the UK?s second largest building society, is offering this deal for an arrangement fee of ?495, and it comes with free valuation, free legal assistance and one year?s home insurance for free. The product is only available to those with a mortgage of more than ?25,001, and who owe less than 35 per cent of the value of their home.
Anyone taking out the mortgage and wanting to redeem it in the fixed period will be faced with a 1 per cent early redemption charge, but there would be no fees to pay after the fixed period ends.
Mortgage product manager at Yorkshire Building Society, Tom Girling, said: “Borrowers entering the final years of their mortgage often have little option other than to fix onto a new deal and face hefty early repayment charges if they need to redeem their loan, or have to remain sitting on their lender’s SVR until their mortgage ends. We wanted to create a product that offered a fantastic rate, short-term security and the flexibility to assess your options each year.”
