The products are funded by Freedom Lending and currently on offer is a 0.91 per cent discount for one year, a 1.01 per cent discount for 2 years and a 1.11 per cent discount for 3 years.
Available up to 90 per cent loan to value, with no higher lending charge, the deals are available for purchase and remortgage and first time buyers are accepted.
Instead of using traditional income multiples to determine the amount of borrowing, Freedom Lending uses a simple affordability calculation, which can be of particular benefit to first time buyers.
Product
0.91% discount for 1 year
1.01% discount for 2 years
1.11% discount for 3 years
Initial pay rate
5.63%
5.53%
5.43%
Underlying rate
Bank base rate plus 1.79%
Bank base rate plus 1.79%
Bank base rate plus 1.79%
Early repayment charges
5% of amount repaid for 1 year, thereafter 1 months notice or 1% of amount repaid
5% of amount repaid for 2 years, thereafter 1 months notice or 1% of amount repaid
5% of amount repaid in years 1 and 2, then 4% in year 3, thereafter 1 months notice or 1% of amount repaid
Net broker commission
0.35%
0.35%
0.35%
Arrangement fee
£485
£485
£485
Loan to value (LTV)
£300,000 up to 90%
£300,000 up to 90%
£300,000 up to 90%
Minimum loan
£25,001
£25,001
£25,001
Income multiples Lending based on affordability: 30% of gross income, less annualised commitments*, then divide by scheme standard rate
Other:
First time buyers accepted
Available via packaged submission
Available for purchases and remortgages
Full status
No higher lending charge
Onsite underwriter
