The deal, funded by the Co-op Bank, has an initial pay rate of 3.32% (APR 4.7%) and as well as being MIG free to 95%, is also penalty free.
David Bitner, head of product operations for The MarketPlace, commented: "This is such a simple mortgage which offers superb value for borrowers looking to benefit from the low interest rate environment. Most discounted rates and trackers which are this low, will lock borrowers in with penalties, but with this product there are none. In addition it provides a drop lock for those who also want the security of being able to switch to a fixed rate - without penalty - should rates start to rise.”
