Derbyshire Building Society has launched a new fee-free remortgage.
The new three-year discount remortgage replaces The Derbyshire's former three-year fixed rate remortgage product.
It combines a three-year discount of 1.54% off the Derbyshire SVR with the waiving of fees and charges, to give a current rate of 4.15%.
A key feature is that borrowers can repay up to 20% – a market leading amount – of their capital each year without having to pay any early redemption charges.
Other features include no application fees, no standard legal fees, daily interest and no extended early repayment charges.
Nick Williams, head of marketing at The Derbyshire, says: “There is currently a lot of activity in the UK remortgage market and we are confident this new product will prove very attractive for borrowers looking to switch from their current lenders.
“As this remortgage has no fees, we have made it quick and easy to apply for. That, combined with the three-year discount rate and the ability to reduce the loan through 20% capital repayments each year, is set to appeal to many people looking for a great, all-round value remortgage.”
Maximum LTV is 80% with a maximum loan of £300,000.