The product is fixed at 3.59% (5.9% APR) until 14/07/2004, then tracks the Bank of England Base Rate at 0.99% over Base Rate for a further four years followed by +1.50% for the term of the mortgage.
Commenting on the new product, David Bitner, head of product operations for The MarketPlace, said: "This deal is particularly good for first time buyers who often purchase their first home on a strict budget. Not only does the product provide borrowers with the security of guaranteed payments for the first year at a highly competitive rate, but it has the added benefit of free valuations and no MIG.”
