The MarketPlace at Bradford & Bingley, the UK's largest IFA, is offering borrowers an exclusive stepped discount mortgage, with an initial rate of 3.85% (5.2% APR) and no redemption penalties.
The deal, funded by Coventry Building Society, offers great value for potential remortgagers.
Key features include:
· Current initial pay rate 3.85% (APR 5.2%), a discount of 1.8% to
30/09/05
· Reverts to 4.99% - 0.66% discount from SVR until 30/09/08
· Maximum LTV of 95%
· No redemption penalties
· Free valuation
· Free legals or £200 cashback on remortgages
· Flexible features with daily interest
Commenting, David Bitner, head of product operations for The MarketPlace, said: "Remortgaging is very popular at the moment with many people taking advantage of the current low rates. Recent CML figures showed that remortgaging accounted for over 50% of loans taken out in January, a new
record. This deal is very competitive on remortgages with an initial discount period of 2 and a half years, a free valuation, free legals and a low arrangement fee.
"In addition it has the added benefit of no tie-ins which is a great feature. It allows people to take the product without fear that, should they choose to move home or change mortgage, they will be heavily penalised"
