The deal, funded by The One account, has a highly competitive initial pay rate of 3.55% (5.0% APR) and is available up to 99% LTV, completely MIG free.
Key features include:
· Initial pay rate of 3.55%, which includes a discount of 1.4% for six months from completion up to 99% LTV then reverts to SVR currently 4.95%
· MIG free
· Fees free remortgage
· Daily interest with all flexible features payment holidays,
underpayments and drawdown.
· Borrowers assessed on affordability criteria
· Rates reduced by 0.5% with a deposit of at least 15%.
David Bitner, head of product operations for The MarketPlace, comments:
"This is an outstanding product for borrowers who don't have access to much of a deposit, as it offers 99% LTV, MIG free, penalty free and fully flexible. Also, each case is considered on affordability so it will allow young professionals, or indeed those with a good financial track record, to increase their purchasing power to get on or step up the property ladder.
"In addition, in the event that a borrower has a deposit of at least 15%, they benefit from an even lower discounted rate for the first six months, currently 3.05%, and then an exceptionally competitive SVR of 4.45%. All in all, this product combines a superb low start rate with a raft of flexible features and some no fee options."
