The three-year stepped discount product combines competitive rates as low as 3.09% in the first year with several attractive features including no mortgage indemnity guarantee (MIG) charge. In year one the discount will be 2.5%; and then in years two and three it will be 1%. The APR is 5.5% variable and the Derbyshire’s current standard variable rate is 5.59%.
Tony Capon, head of intermediary support and development at The Derbyshire, said: “This competitive product seeks to help first-time buyers at an important time when they are faced with so many other costs in setting up a new home. To help people get a foot on the housing ladder we are particularly pleased to be able to offer this product with discounted rates in the early years, no MIG charge and with borrowing available up to 95% LTV.”
