The products are available both to appointed representative's of the Mortgage Next network and directly authorised brokers via Mortgage Next Partners.
The two year fixes (fixed to 28/02/09) come with a choice of rates starting at 5.19% with a £999 arrangement fee (APR 7.3%), 5.39% with a £499 fee (APR 7.2%) or 5.59% with no fee (APR 7.2%).
The two year tracker products are based on Bank of Scotland base rate (BofSBR) and run until 30/04/09. Borrowers have three rate options: 4.89% (BofSBR – 0.11%) with a £999 arrangement fee; 5.09% (BofSBR + 0.09%) with a £499 fee; or 5.39% (BofSBR + 0.39%) with no fee. The APR for all 3 rates is 7.2%.
The fixed rate and tracker products all come with the following features:
- Free valuation by B of S panel valuer (for lending purposes only)
- Free legal fees
- Available up to 85% loan to value
- Maximum loan of £1,000,000
- Fully portable
- No Higher Lending Charges
- Early repayment charges: 5% in year 1 and then 4% until the end date (no overhanging penalties thereafter)
- A procuration fee of 0.3% payable to intermediaries
Justine Tomlinson, marketing director at Mortgage Next, said: “These products represent excellent value for anyone currently considering remortgaging. Two year fixes and trackers continue to be extremely popular and the combination of competitive rates and no valuation or higher lending charges is bound to make them attractive to both borrowers and brokers.”
