The product will track the Bank Base Rate (BBR) at +0.14 per cent for two years, current rate 4.89 per cent. It will offer a refund of valuation to a maximum of £490 and £250 cash back, payable on completion.
The arrangement fee (which can be added to the loan) will be £699 and early redemption charge (ERC) is set at 5 per cent for two years.
The rental calculation is set at 125 per cent at BBR + 0.50 per cent.
The product is available for both purchase and remortgages purposes.
Sally Laker, managing director of Mortgage Intelligence, said: “This is another cracking deal from BM Solutions which has everything for our members. Refund of valuation and cash back, low rate and low arrangement fee - it has all the vital ingredients for a great deal.”
