The product, designed for remortgagers who want to move the process along quickly, has an initial rate of 4.50 per cent (Bank of England base rate for year one), followed by 4.75 per cent in year two (base rate + 0.25 per cent).
The loan moves to 5.0 per cent in year three (base rate + 0.5 per cent) then reverts to a lifetime tracker rate of 5.25 per cent (base rate + 0.75 per cent) for the remaining term of the loan. The overall cost for comparison is 5.3 per cent APR. Early redemption charges only apply for the first two years, making an average two-year rate of 4.62 per cent.
Key features of the product include:
· Mortgage offer provided within 72 hours
· Max LTV 75 per cent
· No Higher Lending Charge payable
· Free valuation
· Free legals
· Fully flexible
· £499 arrangement fee added to the loan
· £199 broker fee - no fee online
Duncan Pownall, mortgage development manager for Bradford & Bingley, commented: "This is a great product that will really appeal to remortgagers looking for competitive rates, low fees and flexible features.
"Significantly, it will also appeal to remortgagers who want to progress things quickly and don't want to wait a fortnight or longer before they receive a mortgage offer and those who have left it late and face a big jump in their monthly repayments."
