Mortgage Next launches exclusive stepped discount OpenPlan mortgage

The Openplan Mortgage, which brings together borrowings, savings and current account, is available with a two year stepped discount of 1.75% in year one and 1.45% in year two. This gives a payment rate of 4.04% in year 1 and 4.34% in year two (APR 5.6%). The product is available for remortgaging only up to a maximum LTV of 90 per cent.

There are no application fees or overhanging redemption penalties beyond the 2 year discount period and borrowers have a choice of free valuation and free legal fees or free valuation fees and a £300 cashback. A full product specification is given below.

Justine Tomlinson, Marketing Director at Mortgage Next said: “The Woolwich Openplan Mortgage Is very popular and this two year stepped discount enables borrowers to remortgage without incurring up-front valuation and application fees or overhanging redemption penalties. The choice of free legal fees or a £300 cashback will also enhance the appeal of this product. ”

The product specifications are:

Woolwich Fast Track Openplan Stepped Discount

Rate: 1.75% discount in year 1 (charge rate 4.04%) and 1.45% discount in year 2 (4.34% charge rate)

APR: 5.6%

Benefits: Free valuation and either free remortgage legal fees or £300 cashback

Purpose: Remortgage only

Lending limits: 90% up to £500,000: 80% over £500,000.

Application fee: None

Early redemption

charge: 6 months interest at the Standard Variable Rate + £500 for 2 years

Brokers requiring further information about the Woolwich Fast Track Openplan Stepped Discount Remortgage, or any other products and services available for Mortgage Next can phone 01883 333100 or visit the companies website at