The product has an extremely competitive initial rate of 4.28% fixed until 31/10/07 (5.7 % APR).
Key features of the product include:
- Fixed rate until 31/10/07 of 4.28%. Reverting to base rate + 1% (currently 5.75%) for the remaining term. The overall cost for comparison is 5.7% APR.
- Max LTV 95%.
- Valuation fee refunded.
- Free legals on remortgages, £250 cashback on purchases.
- Early Repayment Charges only apply until 31/10/07.
- Minimum Loan £25,000, maximum £500,000.
- £495 lender arrangement fee.
- £199 broker fee — no fee online.
Duncan Pownall, mortgage development manager for Bradford & Bingley, comments: "This new fixed rate deal is excellent for both remortgagers and purchasers preferring payment security. As well as a highly competitive initial rate of 4.28%, it also benefits from having a refunded valuation fee and either free legals for remortgagers or £250 cashback for purchasers. Indeed taking into account not only the rate but also the arrangement fee, this is the best two-year fixed rate remortgage product on the market."