Savills Private Finance has launched a lifetime tracker product which is 0.19% over bank base rate for life giving a pay rate of 4.94%.
The second product is an offset lifetime tracker which is 0.39% over the base rate for life, giving a pay rate of 5.14%.
The products include no redemption penalties at any time, a 999 fee, which can be added to the loan and are only available on 1m-plus loans.
Melanie Bien, associate director at Savills Private Finance, says: With demand pushing up property prices in the prime London market by 14.2% over the past 18 months and in the home counties by around 13% this year, according to Savills research, there is plenty of demand for excellent mortgage rates in the 1m-plus bracket.
These lifetime trackers will suit borrowers who want a low-cost long-term rate with relatively cheap fee.
What’s more, there are no redemption penalties at any time so if the borrower wants to switch to another deal they can do so without being penalised.