The product is fixed at a rate of 3.15% (APR 5.6%) for two years and is ideal in today’s marketplace where borrowers need the flexibility to move mortgages depending on the changing market rates. This new product allows customers to redeem at any time, if market conditions change favorably for them, without penalty.
The product will be made available through Legal & General, Openwork, Sesame, PINK, TMA, First Complete, Intrinsic, Positive Solutions and Brilliant Solutions.
Steven Marks, Corporate Development Executive, said:
“The improved pricing we have on this product, such as the no fees and no ERCs, enable our borrowers to have the reassurance of a market-leading fixed rate but with added flexibility. “So, for instance, say a borrower’s circumstances changed, and they wanted to reduce or clear their mortgage, then they can redeem their mortgage, penalty-free.
“This gives extra choice to customers as it means the decision they make on this product can be a short-term not long-term one, which will hopefully encourage even more movement in the housing market.”