The deal, funded by the Woolwich, has a highly competitive initial pay rate of just 2.94% (5.4% APR).
Key features include:
* 2.60% discount for first year from completion — current rate of 2.94%
* Reverts to 1.90% discount from SVR in the second year — current rate 3.64%
* Discount average pay rate over 2 years of 3.29%
* Maximum LTV of 95%, MIG free to 90%
* Redemption penalties only apply in the discount period
* Fully flexible
Commenting on the new product, David Bitner, head of product operations for The MarketPlace, said: "The superb low rate in the first year, coupled with the very competitive rate in the second year, makes this a good deal for many borrowers out there. It would benefit, for example, a home mover, remortgager or first time buyer who needs to keep their costs low while they stabilize their cash flow — perhaps those carrying out some improvements on their new property in the first few months.
"If you have at least a 10% deposit (as MIG kicks in at 90%) the combination of the rate and additional features make this an attractive deal for borrowers."
Borrowers who would like information on this product should visit any branch of The MarketPlace at Bradford & Bingley, call free on 0800 11 33 33, or visit www.marketplace.co.uk
