Savills Private Finance has launched an exclusive discounted mortgage.
The two-year discount will be offered at an initial pay rate of 3.55%, a discount of 2.4% on the lender's standard variable rate (SVR), which is currently 5.95%. There are no redemption penalties at the end of the two-year period.
The minimum loan amount is £100,000 and a maximum amount of £1.5m is available. A £499 arrangement fee is payable.
Mark Harris, director at SPF, says: “We believe this is the cheapest ever two-year discount available for up to 95% of a property's value. This is a fantastic product which is available to both potential buyers and those looking to remortgage their existing property.
“Although today's Bank of England Monetary Policy Committee decision to leave rates unchanged does not impact the pay rate, borrowers can expect to benefit from any reductions in interest rates in future.”