Available at an initial rate of 5.79 per cent, the two-year fixed rate product allows portfolios to be accepted and builder-gifted deposits up to a maximum of 15 per cent.
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The product also includes no higher lending charge (HLC).
Announcing the launch of the product, Simon Biddle, head of marketing and communications at Infinity, said: “This product does exactly what it says on the tin. HLC-free and with no early redemption charge at the lower end of the scale, feedback from brokers indicates that there will be heavy demand.”
However, he added: “Funds are limited as with our low rate prime product – brokers will need to act quickly.”
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Anthony Badaloo, manager at Church Hill Finance, gave a cautious welcome to its launch.
He said: “It is difficult to make a judgement on this product without knowing whether there is an overhang. But assuming there is no overhang, based on the rate, this is a competitive product. The gifted deposit is a very innovative step for Infinity. Most lenders will only allow a maximum of 5 per cent. This is definitely a welcome impetus in the market.”
