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BM claims hybrid loan is now cheapest on market

BM Solutions has thrown down the gauntlet to Northern Rock by relaunching its Mortgage Plus range, which is in direct competition with Rock’s Together product.

The offerings both combine a mortgage and a secured loan to lend up to 125 per cent loan to value and are the only products of their kind in the market.

BM launched its range in November as a direct challenge to Rock’s product, which represented 31 per cent of its gross lending last year, up from 29 per cent in 2005.

BM’s range now includes a 5.65 per cent two-year fixed product, a 5.99 per cent two-year tracker with no early repayment charges and a 6.25 per cent two-year tracker with 1,000 cashback and free valuation.

BM says on a 150,000 mortgage and loan taken out on a repayment basis, borrowers can save 70 on monthly repayments compared with other such products on the market.

Head of sales and marketing Chris Pearson says: “BM now has the lowest fixed rates in this market by a mile. The other players do not come close to competing.”

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