For a 75% LTV loan, the mortgages offer a rate starting from 2.39% above the current Bank of England base rate, with a £995 fee. Products offering free valuation, free legal and cashback incentives are also available.
Commenting, Steve McAvan, group intermediary manager – mortgages, said: “These new products have been introduced in response to feedback from lending partners to broaden the choice for brokers and their clients.
“They enable borrowers to track the current low base rate, with the added security of a cap on increases, to give clients certainty about how their repayments might increase during the mortgage term.”
Products are available at 75% and 85% LTV and have an end date of 31st August 2014. Any changes in rate will be applied at annual review in March of each year.
