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Giraffe launches new mortgage
Wed, 27 Jun 2007
Giraffe money has launched a new mortgage product, which it claims will give consumers "the best of both worlds".

The new mortgage is a two-year capped-rate deal that provides a 5.59 per cent rate of interest for two years, capped at 6.09 per cent for this period.

This offers peace of mind to borrowers who are concerned about further hikes in the Bank of England base rate following four recent rises, Giraffe claims, as these rises have seen many mortgage holders forced to pay more or find a remortgage.

Additionally, the new mortgage is available for up to 95 per cent of the property's value, while borrowers can take out up to £1 million.

Andrew Hagger of Moneyfacts commented: "Capped rates have started to come back in vogue in the current rising rate economy and the latest two-year offering from Giraffe Money represents good value."

Four recent Bank of England base rate rises have seen the interest level hit 5.5 per cent, while the last decision to hold rates split the monetary policy committee five to four.


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