C2-financial has teamed up with Mortgages PLC to launch a two-year fixed rate mortgage at 5.98%.
The product has a maximum LTV of 90%, no higher lending charge, no extended tie-in and free valuations for adverse borrowers. It can be used for purchase or remortgage and allows for County Court judgments.
There is an arrangement fee of 1,995 which can be added to the loan and a 0.75% proc fee. An early repayment charge of 7% applies in year one and 6% in year two.
Justin Caffrey, managing director of c2, says: “This is a competitive product that gives adverse borrowers the chance to lock into a low fixed rate and have payment certainty for two years. It compares favourably with many of the full status products being offered to prime borrowers.”
Jonathan Burridge, managing director of Quantum Mortgage Brokers, says: “Features such as no HLC and free valuations add value to this product beyond its low headline rate.”