Stewart Milne Homes launches 4.99% fixed-rate deal

Stewart Milne Homes, the housing developer with projects across Scotland and the North of England, has launched a fixed-rate mortgage equivalent to 4.99%.

The loan is fixed until August 2011, after which a bank variable rate applies for the remainder of the term.

The Aberdeen-based company, which specialises in family homes and apartments, says the offer applies to a range of Stewart Milne properties only and will be available for a limited period.

No administration fee will be charged but the mortgage must be arranged through one of the group’s preferred mortgage advisers.

Early repayment charges apply to the end of the fixed-rate period.

Stewart Milne’s efforts to ride out the credit crisis have been accompanied by the news that Bovis Homes has reported an 84% fall in profits for the first six months of the year.

The company described the first half of 2008 as the toughest period of trading it had ever experienced.

Staff numbers fell by 40% and the builder took the decision to close its eastern regional office and combine its northern and central offices.

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