The product, which is only available until May 2011, is for property purchases and refurbishment remortgages where the use of funds is centred around the creation or retention of jobs.
Discounted variable rates start from 2.3% over three month libor or Bank of England base rate, with the discount applied to the first six years of the term. Applicants can borrow £30,000 upwards over a period of seven to 30 years to a maximum 70% loan-to-value.
The product carries a goodwill element for qualifying sectors, allowing the applicant to borrow above the value of the property.
Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “People are primarily looking for fixed rate products, however, with the base rate unlikely to rise above 1% for the foreseeable future this discounted tracker is a solid, viable alternative.”
