Both products offer a current interest rate of 4.99%.
The Base Rate Tracker + 0.74% to 01/07/2007 is the only product to offer borrowers any available new business product at the end of the initial term and is available for both Buy-to-Let and Remortgage-to-Let, whilst the 1.21% discount to 01/07/2006 (from SVR currently 6.2%) offers borrowers the same competitive pay rate but with a shorter term.
Richard Farr, Marketing Manager for The Mortgage Works said "In a rising SWAP rate environment, more and more landlords are looking for attractive tracker products. The unique offer of any new business product at the end of an incentive term ensures a consistently competitive rate is available to the borrower who does not then incur the costs of having to move to a new lender in order to take advantage of new business rates. Alternatively, the rate reverts to Base Rate + 1.95% as is standard for all of our products".
