Britannia

Britannia was established in 1856 and was known as the Leek and Moorlands Building Society. Since then a series of mergers has evolved it into the modern day Britannia. It has 191 branches and over 2 million members making it the second largest building society in the UK with nearly £5 billion of gross lending per annum and £20 billion of group assets. It is a mutual society run for the benefit of its members. Although Britannia is fervent to utilise new technology it is also still committed to maintaining an extensive branch network.

Britannia offers the following types of mortgages:

• Fixed Rate
• Flexible
• Offset
• Standard Variable Rate
• Tracker

Fixed Rate: the mortgage is set at a fixed rate for an agreed period, which might be either 2, 5 and 10 years. The mortgage rate will then revert to the society's standard variable rate once the fixed rate period has expired. Britannia also has fixed rate re-mortgage schemes if you move your mortgage to Britannia.

• An early repayment fee is payable if you repay your mortgage within the fixed rate period.
• Application and administration fees will apply

Flexible: with this types if mortgage you get to decide whether to overpay or underpay. You could pay off your mortgage early saving yourself money or choose to take a payment holiday, taking a break from regular mortgage payments. A flexible re-mortgage option is also available.

• The rate is set according to the Bank of England base rate, plus a charge set by the society, for the term of the mortgage.
• Application and administration charges will apply (there is no application fee for the re-mortgage product).
• There is no early repayment fee

Offset: this type of mortgage links your Britannia savings account with your mortgage. You won't receive interest on your savings but your account is offset against your mortgage so you could potentially pay less.

• The rate is set according to the Bank of England base rate, plus a charge set by the society, for the term of the mortgage.
• Application and administration fees will apply (there is no application fee for the re-mortgage product).
• There is no early repayment fee

Standard Variable Rate: this type of mortgage is set at Britannia's standard variable rate.

• There is no arrangement fee
• There is no early repayment fee
• An administration fee is applicable

Tracker: your mortgage rate tracks the Bank of England base rate. You can select between a 2 year discount, 2 year discount re-mortgage or a lifetime tracker mortgage. The discount is set off the Bank of England base rate for the first 2 years and then relapses to a rate above the base rate. The lifetime mortgage is set according to the Bank of England base rate plus a charge for the mortgage term.

• There is no early repayment charge
• Application and administration charges will apply

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