Key Features Include:
- 3.5% discount until 01/12/04 – current rate 2.04%
- 1% discount in 2nd year – current rate 4.54%
- Discount average pay rate 3.29%
- Maximum LTV of 95%, MIG free to 85%
- Redemption penalties only apply in discount period
Commenting on the new product, David Bitner, head of product operations for The MarketPlace, said: “The average discount rate on this product is lower than the current market-leading 2 year discount. In addition, with a starting rate of just 2.04%, you would normally expect to have some trailer penalties after the discount period. However, this deal reverts to a discount of 1% in year 2 and then has no penalties whatsoever, so borrowers are free to remortgage elsewhere. Borrowers with a 15% deposit – as MIG kicks in at 85% - or indeed remortgagers who have benefited from the recent house price growth, would be wise to look at this product.”
“Stepped discounts are particularly good for people who need to need to keep their initial payments down. However, with a combined average rate of 3.29%, this deal provides the best of both worlds – a fantastic rate in year 1 while still knowing that your overall payments over the 2 years are market-leading.”
