The increased discount means that the lender now offers discounts of up to 2%, whilst maintaining its early repayment charges as applicable for the first 3 years of its mortgages.
The length of the discount period has been extended to 31 May 2005 on the standard products, and 31 August 2005 on its Elite and Synergy ranges. These changes are effective from 1 March 2004.
Peter Beaumont, Sales & Marketing Director at Mortgages plc, says "We've worked really hard on our product proposition over the last year and made it extremely attractive to intermediaries and borrowers alike. Offering bigger discounts makes the initial rate more competitive and this is a key sales tool for brokers, as clients are often looking for the best rates they can find."
The move follows several other product developments in recent months, including an increase in discounts and reduction in remortgage loadings, late in 2003. The lender has also recently launched its Synergy range for Elite distributors.
Brokers wanting to find out more details can call Mortgages plc on 0845 60 50 40 2 or visit www.mortgagesplc.com
