The product is fixed at a rate of 3.15% for two years and allows customers to redeem at any time, if market conditions change favourably for them, without penalty.
Steven Marks, corporate development executive at NIS, said: “The improved pricing we have on this product, such as the no fees and no ERCs, enable our borrowers to have the reassurance of a market-leading fixed rate but with added flexibility.
“So, for instance, say a borrower’s circumstances changed, and they wanted to reduce or clear their mortgage, then they can redeem their mortgage, penalty-free.
“This gives extra choice to customers as it means the decision they make on this product can be a short-term not long-term one, which will hopefully encourage even more movement in the housing market.”
The product will be made available through Legal & General, Openwork, Sesame, PINK, TMA, First Complete, Intrinsic, Positive Solutions and Brilliant Solutions.
