UCB Home Loans, the specialist lender of Nationwide, is broadening its self-cert mortgage range with the introduction of a two-year tracker with no early repayment charge on Monday October 31 2005.
The product will be priced at Bank of England base rate plus 1.29%, giving a current rate of 5.79%.
On the same date, the lender will also be reducing the tracking increment on its buy-to-let two-year flexible tracker with no early payment charge to 1.29%, from its previous position of base plus 1.64%, giving a pay rate of 5.79%.
Keith Astill, managing director of UCB, says: “The move is designed to offer a greater degree of choice to borrowers, and to provide brokers with a wider range of products from which to select options suitable for their clients.
“It is also a reflection of the greater degree of simplicity which we have been injecting into the product range. We now have competitive two-year flexible trackers with no early repayment charge on both the self-cert and buy-to-let ranges, with matching rates of interest of 5.79%.”
The current self-cert variable rate product, will be removed on October 31 2005.