Offered at a rate of 4.69%, the discount of 1.26% is fixed until December 2004.
In addition, the mortgage offers a drop-lock option into any current fixed rate from Royal Bank of Scotland at any time. Available at 85% LTV, the product has no valuation or legal fees if the Bank's nominated valuer or solicitor is used.
Justine Tomlinson, marketing manager at Mortgage Next, commented: "In the current market conditions many people are remortgaging on a regular basis with a view to getting the best deals on offer. This product was designed specifically with these people in mind. The drop-lock option enables them to change to any fixed rate product should the rates rise significantly with no redemption penalties and no hassle."
