Ecology cuts mortgage rate & waives fee during March
Friday 7 March 2003
Following the recent Bank of England Base Rate cut, Ecology Building Society has announced a 0.25% reduction in its variable Base Mortgage Rate. The specialist green mortgage provider is also waiving its normal residential mortgage administration fee for new applications until 31 March 2003 - a saving of £150.
The new 5.45% mortgage rate will take effect from Saturday 15 March 2003, for new and existing residential mortgages. New borrowers with a 20% deposit, benefit from a 0.50% discount in the first year, bringing the new variable rate down to 4.95%.
Commenting on the rate reduction, Chief Executive Paul Ellis said:
"This is particularly good news for new Ecology borrowers, some of whom are buying derelict property and expect to pay a premium rate. Not only will most qualify for an initial mortgage rate below 5%, but if they act quickly, there will also be no administration fee to pay."
The variable rate for Buy To Let mortgages - properties needing renovation - is reduced to 5.70% from the same date. The new rate for part residential applications starts at 6.45% and full commercial at 7.45%.
