Vernon launches fixed rate mortgages amid base rate uncertainty

Stockport based Vernon Building Society has launched a competitive range of fixed rate mortgages. First time buyers and home movers can borrow up to 95% of their property’s value and benefit from the security a fixed rate delivers for the first three years of the term.

“Demand for fixed rate mortgages is high as consumers seek to protect against future rises in the base interest rate. We expect allocated funds to be taken quickly, therefore potential borrowers should be aware that these products may be withdrawn at short notice,” says Ian Keeling, Vernon Building Society’s Head of Sales and Marketing.

Earlier this month, the Bank of England voted unanimously to keep the base interest rate at 0.5%. Ian was unsurprised by the outcome of the vote and said “The global outlook is uncertain and no one truly knows how this will play out for the UK.”

When the Governor of the Bank of England Mark Carney was asked whether he believed the next move in interest rates was more likely to be up than down, Mr Carney said: “absolutely”.

The Vernon has qualified mortgage advisers available at each branch and offers a range of savings and mortgage products for first time buyers. Their website contains a calculator which gives mortgage borrowers a guide to how much they can borrow with the Vernon.