Freedom Lending, the prime niche lending subsidiary of Merrill Lynch, has launched a 2 year discounted self cert tracker mortgage, which is available exclusively via Mortgage 2000.
The product is available with a choice of rates, the two year discount with a £799 completion fee is available at 5.93 per cent (BBR +0.43 per cent) to 85 per cent loan to value (LTV) and at 6.13 per cent (BBR +0.63 per cent) to 90 per cent LTV.
The two year discount with a £999 completion fee is available at either 5.79 per cent (BBR +0.29 per cent) to 85 per cent LTV and at 5.99 per cent (BBR +0.49 per cent) to 90 per cent LTV. The reversion rate is BBR + 1.99 per cent (currently 7.49 per cent), the early repayment charge is 5 per cent of the amount repaid and the procuration fee is 0.5 per cent.
Mel Dring, Freedom Lending marketing director, said: “There continues to be a strong demand for self cert mortgages and the discounted tracker rate makes this an ideal option for anyone who is willing to look beyond another possible base rate increase. The product comes with a choice of rates, depending on LTV and completion fee, giving borrowers maximum flexibility. These two year deals are proving to be extremely popular and I have no doubt this will sell well via Mortgage 2000.”
Nikki Haworth, corporate partnerships manager at Mortgage 2000, said: “We’ve listened to our users and together we have created these new exclusives, with market leading rates, free valuation, free legals and no admin fee. I’m sure these products will be extremely popular with our intermediaries and in addition we have an on-site underwriter to speed up the entire process.”
