The two deals, both available for new applications only and subject to limited availability, are as follows:
2 year fixed rate of 5.45% until 31st May 2007
Designed for borrowers who are unsure as to whether rates have peaked and want the certainty of fixed borrowing costs until variable costs start moving down again.
John Heron says: “It’s our best fixed rate for years and demand is bound to be strong, so clients who are interested should get in touch as soon as possible.”
2 Year discounted tracker at 3 month LIBOR +0.55% for the first 2 years, thereafter LIBOR +1.25%
Designed for borrowers who consider rates have reached their peak and want to benefit from a tracker that will follow rates down, with a starting rate of 5.487%.
John Heron says: “With LIBOR likely to be below bank base rate in a falling rate environment, this could be an attractive deal for those borrowers who expect rates to fall over the next couple of years or so.”
He continues: “Funds for both these mortgage products are limited, so they are available only for new mortgage applications. This is a great opportunity for investor landlords to benefit from highly competitive rates in the market, with products specifically designed to meet their own personal expectations with regard to interest rates.”
