It is available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.
The self-cert mortgage has a margin of 0.69% above bank base rate for 2 years from completion, giving an initial charge rate of 5.19%.
Early redemption charges are 4 months interest during the 1st year and 3 months interest during the 2nd year. There are no overhanging ERC’s thereafter. The product has a £495 arrangement fee and also offers a free standard valuation for purchase and remortgage. The mortgage is portable with a minimum loan amount of £150,000 and it pays a procuration fee of 0.40%.
This product also has flexible features including overpayments, a borrow back facility, underpayments, payments holidays and a drawdown facility from a pre-agreed advance.
Marketing Director, Justine Tomlinson, said: “Self cert mortgages continue to be very popular and trackers are now winning favour as fixed rates become more expensive. This tracker deal provides excellent value for money, whilst also giving the extra benefit of a free standard valuation and flexible features. I’m sure this will be popular with both brokers and borrowers.”
