The deal, at 4.99 per cent, will provide a break every five years allowing the customer to redeem without penalty in a one-month window.
The arrangement fee is £999 and is added to the loan and the maximum LTV is 75 per cent. All cases have to be booked through MI and it is a limited tranche on a first come first served basis. The deal is available exclusively to Mortgage Intelligence Appointed Representatives.
Mortgage Intelligence managing director Sally Laker says: “This is a great new innovative product and should prove extremely attractive to our brokers. This is a modern day product, longer term security against rate increases, flexibility for changing lifestyles, but also ensuring that the broker gets paid for regularly checking their client’s needs still match the original product.”
Sally Laker continued: “At last a great news story – ITL Mortgages ticks all the boxes with this exciting new deal. It has demonstrated that it is innovative, willing to try something new, and has worked so hard with Mortgage Intelligence to actually model the product so that it works for all concerned. I have tried for two years to find a lender to offer this product and for a number of different reasons no one could, that was until ITL came along.”
ITL Mortgages sales & marketing Director Linda Will says: “It’s great to be able to develop and launch this product exactly to Mortgage Intelligence’s specifications, especially as so many of our competitors faced problems they were unable to overcome when asked to do so. We’re particularly pleased to deepen our relationship with MI who were, of course, one of our original launch partners.”