The product, funded by Woolwich, has a very competitive pay rate of 3.99% (5.2 % APR). Key features include:
* Bank Base Rate +0.24% for 2 years
* Reverts to Bank Base Rate +1.50% for term
* Max LTV 90%
* No arrangement fee
* Free valuation and free legals
* Redemption penalties only apply in first 2 years
* Can repay up to 25% p.a. penalty free
Elliot Nathan, mortgage development manager for The MarketPlace, comments: "With the remortgage market currently extremely buoyant, The MarketPlace has launched this deal offering fantastic value with its fees free package. As well as having no arrangement fee, a free valuation, free legals and no MIG, the mortgage is also fully flexible, allowing underpayments, overpayments and payment holidays.
"With at least 30% of all borrowers still paying a lender’s standard variable rate, this deal provides the ideal opportunity to make some great savings on monthly payments. Someone with a £100,000 mortgage on a typical SVR of 5.79%, could save over £100 a month by switching to this product."
