Cashback tracker Bradford & Bingley mortgage launched

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Cashback tracker Bradford & Bingley mortgage launched

A new cashback tracker Bradford & Bingley mortgage has been launched, aimed at first time movers.

Bradford & Bingley is offering borrowers an exclusive three per cent cashback tracker mortgage under the new deal, to be funded by the Coventry Building Society.

The cashback tracker mortgage will have a competitive initial rate of 5.74 per cent until September 30th 2010, after which time it goes back to a privileged variable rate of 6.35 per cent for the remaining term (6.5 per cent APR).

Duncan Pownall, mortgage development manager at Bradford & Bingley, said: "The three per cent cashback tracker mortgage will appeal to both homemovers and remortgagers.

"The cashback element in particular offers a helping hand for first time movers, who may have benefited from the house price growth of recent years and now enjoy a healthy level of equity within their property, but are now faced with much larger moving costs."

Features of the new mortgage include three per cent cashback payable on completion, with a maximum payable amount set at £30,000.

Five per cent per annum can be repaid without early repayment charges, while the maximum LTV is set at 75 per cent.

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