The product is available to 85% LTV at an initial rate of 5.99 per cent for both purchase and remortgages. It will also accept both first-time buyers both employed and self-employed.
The two-year fixed rate product has a redemption penalty of 6 per cent in year one and 5 per cent in year two with no extended period and is also HLC free. The arrangement fee of 1.25 per cent can be added to the loan.
Doug Hall, deputy managing director at 3mc, commented: “This product will sell and sell well. By backing the product up with a TMB onsite underwriter we have created winning formula.”
