* 2% DISCOUNT FOR 2 YEARS + 1% CASHBACK
* CURRENT PAYRATE 3.54% (5.3% APR)
* NO EXTENDED REDEMPTION TIE-IN
* ALL FLEXIBLE FEATURES
Ray Boulger of Charcol comments, "As penalties only apply during the two year discount period the cashback is equivalent to 0.5% a year, which makes this mortgage equivalent to a 2.5% discount, which would equate to a pay rate of 3.04%. Borrowers can choose to use the cashback for any purpose, such as covering the remortgage costs, or as the mortgage is flexible, and allows penalty free overpayments of up to 10% p.a. they could simply pay it into the mortgage, giving a cushion if, for example, they ever needed to make reduced payments."
