Key features include:
* Current initial pay rate 4.24%, discount of 1.8% to 31/05/07
* Reverts to 1.35% discount to 31/05/09 – current pay rate of 4.69%
* 95% LTV, MIG free to 90%
* No redemption penalties
* Free valuation fee
* Free legals or £200 cashback on remortgage
* Flexible features with daily interest
Commenting on the new product, Elliot Nathan, mortgage development manager at The MarketPlace, said: "Arguably, the best feature on this product is that it has absolutely no redemption penalties. With fixed rates currently looking a touch over-priced, this product really does allow a borrower to have their cake and eat it. They can pay a very competitive rate of interest whilst safe in the knowledge that should circumstances or outlook change, they have the freedom to remortgage to another deal penalty free.
"In addition, the product has a raft of further features – including a free valuation, free legals or £200 cashback for remortgages, and flexible facilities – and it is a particularly excellent remortgage deal."
