Manchester-based broker First Advice has launched a new three-year discounted stepped mortgage with an opening interesting rate of 3.49%.
The mortgage comes with free legals, valuation and no arrangement fee and is backed by Furness Building Society. The mortgage offers discounts off the standard variable rate of 2% in year one, giving an opening rate of 3.49%. Thereafter, borrowers receive a 0.5% discount in year two and 0.35% in year three. There are no tie-in penalties after the discount period is over, and mortgages are available up to 80% LTV.
Peter Rogerson, marketing director for First Advice, says: “Millions of people fail to remortgage their homes either because they think it is too complicated, time consuming or costly. We provide a free step-by-step service that talks customers through the whole process and with this mortgage there are no arrangement, legal or valuation costs.
“This means the remortgage process is quick, easy and cost-effective. At a time when customers are getting low returns on their savings, it makes sense to tap into low interest rates and save money on the mortgage.”