Mortgage Next Two-Year Discounted Self-Certified product launched

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Mortgage Next Two-Year Discounted Self-Certified product launched

Mon 6th Mar 2006

A Mortgage Next Two-Year Discounted Self-Certified product has been announced today, with rates starting at 4.84 per cent for loans up to 75 per cent loan to value (LTV).

For mortgages up to 85 per cent LTV a rate of 4.94 per cent will be available and this will rise to 5.18 per cent for deals up to 90 per cent LTV, product website Mortgage Introducer reports.

Following the opening two-year discounted period, the interest rate on this offer will revert to 1.99 per cent above the Bank of England base rate. This is currently 6.49 per cent.

Justine Tomlinson, marketing director with the distributor, predicted that the Mortgage Next Two-Year Discounted Self-Certified product would be "really popular" with borrowers and brokers.

"There continues to be a big demand for self-cert and this two-year discount offers excellent value for money," Ms Tomlinson claimed.

Early redemption charges of six per cent of the amount repaid during year one and five per cent of the amount repaid during year two will apply. Following this period, one month's notice is required or one per cent of the amount repaid will be charged.

The Mortgage Next Two-Year Discounted Self-Certified product has a £699 completion fee and pays a procuration fee of 0.5 per cent to brokers.

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