The lender will now offer borrowers a choice of discounts. Customers can select either a 14-month discount from the date of completion, or a 36-month rolling stepped discount which leaves them with no early repayment charge after the discount period ends. The discounts on the 14-month basis are up to 2%, and the stepped discounts are available with an initial discount up to 1.75%.
Peter Beaumont, sales and marketing director at Mortgages plc, says: "We have had these developments planned for some time, as we felt it was increasingly important to offer a varied approach. I'm sure the stepped discount products will be particularly popular, as they remove the overhang period that traditionally exists when the discount period lapses. We are working on a number of other product enhancements and expect to be making further announcement over the coming months."
The revision to the discounts also compliments Mortgages plc's free legal initiative available on all remortgage applications using Goldsmith Williams that are received by October 31 2004.