The product now offers a seven month discount of 0.65 per cent below the base rate, which gives an initial rate of 3.35 per cent. After the discount the rate reverts to bank base rate plus 1.2 per cent for the life of the mortgage.
Other features include; a drawdown facility, underpayments, overpayments and payment holidays, no MIG fee and no redemption charges at any time.
Stuart Johnson, director of product development, at TMO, said: “This is a win win mortgage for borrowers. The product offers an excellent discount during a period when it is possible we may see further decreases in interest rates. It then offers borrowers a competitive tracker SVR. Most importantly, borrowers not only have the freedom of a flexible product, they can also redeem at any time onto a different product that may be more suited to their needs.
There is a marketing allowance of 0.55 per cent (minimum £200), which is payable within 5 working days of the solicitor or lender confirming completion to TMO.
