The tracker is based on 1.75 per cent above Bank of England Base Rate, with a two-year discount of 1.66 per cent which gives an initial rate of 4.09 per cent.
This exclusive mortgage deal is available to both self-employed and employed borrowers and is being promoted as a ‘true’ self-certification homeloan, in that applicants can state their income on the application form, but no phone calls are made to accountants or employers.
The deal is available up to 85 per cent of the value of the property for both purchase and remortgages, and there are no overhanging redemption penalties. However, during the first two years a redemption penalty of five per cent of the amount repaid during the first year and four per cent in the next 12 months will apply.
