The product has an initial rate of 3.99% - 0.76% off Bank of England Base Rate for the first year - reverting to base rate + 0.74% for the remaining term of the loan (5.7% APR).
Key features include:
-Current pay rate of 3.99% (Bank base rate -0.76% for the first year)
-Reverts to base rate + 0.74% for term (5.7% APR)
-Max LTV 95%
-HLC for loans over 90% LTV only
-No arrangement fee
-Refund of valuation fee
-£250 cashback
-Early redemption charges only apply in first three years
Duncan Pownall, mortgage development manager at Bradford & Bingley, comments: “As the traditional home buying season gets underway this tracker deal offers first time buyers and home movers a helping hand onto, and further up, the property ladder. The deal not only has a very competitive initial rate, but also reverts to an attractive base rate tracker for the remaining term. In addition, there is no arrangement fee to pay, the valuation fee is refunded and borrowers get the added bonus of £250 cashback on completion.
“This is a fantastic product for anyone looking to buy a home this spring. The average rate over three years is 4.99%, making it amongst the best tracker rates available. In addition, because of the exclusive features borrowers are typically saving over £800 in fees against the nearest comparable deal. The low entry fees and initial payments help buyers financially when they need it most.”
