B&B launches 72-hour stepped tracker mortgage

Bradford & Bingley is offering borrowers an exclusive 72-hour stepped tracker mortgage, funded by Norwich & Peterborough.

The product, designed for remortgagers who want to move the process along quickly, has a competitive initial rate of 4.50%, followed by 4.75% in year two.

The loan moves to 5.0% in year three then reverts to a
lifetime tracker rate of 5.25% for the remaining term of the loan.

The overall cost for comparison is 5.3% APR.

Early redemption charges only apply for the first two years, making an average two-year rate of 4.62%.

The product has a maximum LTV of 75% and free legals and valuation.

Duncan Pownall, mortgage development manager for Bradford & Bingley, says: “This is a great product that will really appeal to remortgagers looking for competitive rates, low fees and flexible features.

“Significantly, it will also appeal to remortgagers who want to progress things quickly and don’t want to wait a fortnight or longer before they receive a mortgage offer and those who have left it late and face a big jump in their monthly repayments.”