The product, which is BBR minus 0.10 per cent giving a current rate of 5.15%, free valuation and legals for remortgages and had no early repayment charges (ERCs), had an arrangement fee of £995. This has been cut to £595 with immediate effect.
The product is available through the Personal Touch DA mortgage club – MORTGAGEBOX as well as through the network to its ARs.
Dev Malle, director of mortgage distribution at Personal Touch, said: “This product was already a hit as it gave a low tracker rate beating the January bank base rate rise and great flexibility with no ERCs at all and a free valuation and standard legals for remortgages. The only criticism could have been the higher fee. With this now slashed by £400 the product is extremely attractive and will fly I’m sure.”
Mark Cambell, mortgages director at IFA Oakwood Financial Management, said: “This deal now stacks up with the best in the market place with a relatively low fee and complete flexibility for the client. It makes it quite unique and I can see it having real pulling power as it is a great deal for the adviser and his client.”
