Purely Mortgages provides a telephone-based advisory service backed by CeMAP-qualified advisers offering a fees-free service. Purely claims to provide an agreement-in-principle within 15 minutes over the phone.
It has kicked off its launch with a 2-year fixed rate product of 4.79 per cent until 1 January which will be available from 21 October.
The product has a maximum LTV of 60 per cent and an APR of 6.6 per cent. The minimum loan amount is £25,001 with the maximum £750,000. There are no extended tie-ins and the redemption penalty is 3 per cent during the first two years. It has an admin/deeds release fee of £155 and an arrangement fee of £495.
Mark Chilton, CEO of Purely Mortgages, said: “Following five base rate rises since November 2003 we understand that borrowers will be looking for stability in a volatile market. Our launch product is particularly good for people who have secured a substantial first deposit or those who have built up equity in their homes over the past few years and are looking to remortgage.”
Tony Corrigan, managing director of Classic Mortgage Solutions, said: “It is an excellent product. It’s good to see new and innovative products within the market place.”
Ray Boulger, senior technical manager at Charcol, said: “The Purely mortgage product is relatively competitive but I couldn’t go as far as to class it as a market leader.”
