The product then reverts to Bank Base Rate plus 2.99%, currently 3.49%, for a further year. Furthermore, 10% capital repayments are allowed each year without penalty and there is no higher lending charge. The fee is only £199 in total and there is no requirement for customers to have any other products with the Society.
Kim Rebecchi, Director of Sales & Marketing said, "This product delivers an excellent combination of fixed and tracker rate features. Customers can lock in at only 2.99% for the first year and benefit from a Base Rate tracker for the remaining year, which would reduce to only 3.49% based on today's rate.
"We expect this product to be extremely popular, particularly with a fee of only £199, the additional flexibility of 10% capital repayments allowed each year without penalty and free legal services for standard re-mortgages. I would urge customers to act quickly to avoid disappointment."
Leeds Building Society has also launched a version of this highly competitive product that will track Bank Base Rate for a further two years. This version is also available up to 65% LTV, allows 10% capital repayments each year without penalty and has no higher lending charge. The booking fee is also only £199, and there is no requirement for customers to have any other products with the Society.
