Preferred to launch stepped discount

For further information please contact Lisa Jolliffe - PR Executive

Tel: 01444 447 677 [email protected]

The discount will be available across a range of adverse from Extra Light to Unlimited, and will have no Early Repayment Charge after 3 years (subject to giving one months written notice).

Key features:

- Discounts set at: 1.50% until 1/9/2006, 0.75% until 1/9/2007 and 0.25% until 1/9/2008

- No Early Repayment Charge after 3 years (subject to giving one months written notice)

- Available across a range of adverse, from Extra Light to Unlimited

- Available up to 85% LTV on Purchase, Remortgage, Verified and Self Certification products

- Available up to 85% LTV on Right to Buy and Buy to Let products

- Fees can be added above 85% LTV

- Loans available up to £1 million

The launch of the new 3 year stepped discount follows the successful release of Preferred’s 2 year fixed rate products in May.

Cate Hillis, Head of Product Development, says: "We are launching this discount following feedback from our intermediaries that there is a demand for 3 Year Stepped Discounts. We continue to listen to our intermediaries and to develop products that meet their needs. Our competitive Core Range offers more choice for the intermediary and the customer, and the stepped discount reduces the rate-shock factor for the customer as the discount reduces gradually over the 3 years. We expect thisadditional discount option to be welcomed by our intermediaries."