A brand new five-year fastened charge mortgage permits debtors to modify after two years.
Virgin Cash’s new Repair and Change mortgage provides debtors one of the best of each worlds.
The five-year fastened charge presents fee safety alongside the flexibleness to maneuver to a different product with out cost after two years.
Repair and Change is offered solely via mortgage advisers. The product is offered to residential clients taking a mortgage at as much as 90 per cent of the property’s worth.
The mortgages out there at launch embrace a fee-free five-year fastened charge at 5.14 per cent as much as 85 per cent loan-to-value and at 5.27 per cent as much as 90 per cent mortgage to worth.
Each mortgages include Early Reimbursement Prices for the primary two years.
These fee-saver offers additionally provide clients a cashback incentive of £500. Clients can have their affordability evaluation for Repair and Change based mostly on a five-year deal.
David Hollingworth, affiliate director at L&C Mortgages mentioned:
“The mortgage market has supplied so many ups and downs within the final couple of years that it’s comprehensible that debtors might be struggling to determine on one of the best strategy.
“Virgin Cash’s revolutionary product presents an alternate and welcome resolution to people who really feel there’s room for charges to enhance over the following couple of years however don’t wish to be caught out if the outlook shifts once more. There’ll little doubt be clients interested in the continuing certainty of charge if required however with the flexibleness to evaluation in two years.”
Craig Calder, head of secured lending at Virgin Cash, added: “In at this time’s greater rate of interest atmosphere, many mortgage debtors are on the lookout for long-term fee certainty, however don’t wish to be tied in for the long-term.
“Repair and Change is the right resolution for them, offering the knowledge of a five-year fastened charge with the flexibleness of a two-year ERC if charges start to fall.”