The success of the All-In product has been tremendous and now the West Bromwich has confirmed that M2 D&P will offer the lowest rates for this product available in the market. There are two product options, the first is a rate of 3.49% - fixed for the first 12 months with a 1% discount for the subsequent 12 months. Compulsory buildings insurance is required. Alternatively, without compulsory building insurance, the rate will remain fixed at 3.79% for first 12 months with a 1% discount for following 12 months. Both products are available to 95% ltv and have no redemption penalties. The All-In product can be obtained directly from the West Bromwich and other distributors, but at a higher rate of 3.89% & 4.09% respectively.
Sean Hornsby, Sales and Marketing Director, Mortgage 2000 commented: "By forging good relationships with providers such as the West Bromwich in order to offer brokers market-leading products, M2-D&P continues to be one of the most popular packagers in the marketplace. Through M2-D&P, intermediaries now have the opportunity to offer a proven product to their clients at the lowest possible rate. In addition they will benefit from the 0.5% procuration fee that is payable.
Paul Marland, National Sales Manager, West Bromwich commented: "With the excellent, controlled distribution that M2-D&P offers, and the significant business growth that the Society has set out to achieve, we have continuously looked at opportunities to enhance the proposition. M2-D&P provides great service to brokers and their clients, which is why we are confident that this market-leading product will continue to prove popular with all parties."
In addition to the exclusive low rate through M2-D&P, the product has free MIG and also includes a £300 cashback for purchases; free legals for remortgages; free loan protection insurance for six months and free valuation up to £300,000. A £95 valuation fee is payable on properties above £300,000. Procuration fees are set competitively at 0.50% with a maximum of £750 for loans between £25,001 and £500,000.
M2-D&P is renowned for its high service standards and along with enhanced procuration fees and exclusive products, is an excellent choice for intermediaries. There are now eighteen lenders on the M2-D&P panel and all can be accessed electronically through the Mortgage 2000 sourcing system. In addition it has supplied in-house underwriters to speed up application evaluation and, should a case be declined, another lender can accept the generic application.
