The Tipton and Coseley Building Society has launched a five-year fixed rate mortgage product.  

The 2.49% fixed rate until 28 February 2023 is available up to 85% loan to value, up to a maximum loan amount of £450,000 and is accessible to borrowers throughout England and Wales.

It has a £999 arrangement fee.

Richard Groom (pictured), head of mortgage sales at the Tipton, said: “Fixed rate mortgages are ideal for borrowers who need the financial security and certainty of knowing exactly how much their monthly repayment will be.

“Not only does this make budgeting easier because customers are able to plan ahead, but also for the term of the fixed rate, they are exempt from any interest rate increases.”