Funded by Verso, there are four different options available. Rates start at 3.99 per cent, and following the fixed rate period the mortgage reverts to the Verso base rate which tracks the Bank of England base rate.
The loan is available exclusively through Mortgage 2000 and a procuration fee of 0.5 per cent is offered to brokers with a minimum of £350.
The four options are:
• 3.99 per cent fixed until 1 January 2004, with a redemption charge of 5 per cent of the outstanding loan during the fixed period and then 5 per cent of outstanding loan for the next three years.
• 4.49 per cent fixed until 1 January 2004, with a redemption charge of 5 per cent of the outstanding loan during the fixed period and then 5 per cent of outstanding loan for the next two years.
• 4.99 per cent fixed until 1 January 2004, with a redemption charge of 5 per cent of the outstanding loan during the fixed period and then 5 per cent of outstanding loan for one year.
• 5.49 per cent fixed until 1 January 2004, with a redemption charge of 5 per cent of the outstanding loan during the fixed period, and no redemption overhang.
