The product tracks the Bank of England Base Rate (BBR) for the first two years at 1.49 per cent before dropping down to 0.99 per cent for the third year. This rate then continues at 0.99 per cent after the deal ends and comes with free valuation and £300 cashback.
Martin Reynolds, head of sales at BM Solutions, said: “The new range offers some excellent rates along with new innovative features such as the three-year deal that drops its tracking rate after the first two years.”
Other products include a 5.75 per cent near-prime two-year fix at 90 per cent LTV; a 5.99 per cent extra-light two-year tracker at 90 per cent LTV; and a 5.99 per cent near-prime self-cert non-conforming two-year fix at 85 per cent LTV.
Jason Richardson, director at YooToo Financial Services, believed the rates are competitive. “BM Solutions is usually the market leader in near-prime mortgages and these deals sound good. As long as there’s no real overhang on the fixed rates they are pretty attractive and will help people get back on track.”
Mike Fitzgerald, sales director at Brentchase Financial Services, agreed: “I like anything with incentives for brokers and clients, and I admire BM for continuing to issue good products.”
BM Solutions claims the declining rate after two years is unique in the market although other lenders, such as Skipton, have also offered ‘loyalty bonuses’ within their products in the past.
