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Marketplace mortgages

Bradford & Bingley IFA The Marketplace is launching two discounted-rate mortgages funded by Woolwich for borrowers requiring loans of £60,000 or less. Aimed at new borrowers, the first mortgage comes with a 1.65 per cent discount from Woolwich&#39s standard variable rate of 5.95 per cent for two years, currently giving a rate of 4.3 per cent.

It is available up to 95 per cent loan-to-value and is free of a mortgage indemnity guarantee charge if customers do not borrow more than 90 per cent LTV.

The second mortgage is available for remortgage only and is discounted for the first year at 2.5 per cent, giving a rate of 3.45 per cent. In the second year, the discount falls to 0.8 per cent, giving a rate of 5.15 per cent.

Both loans revert to Woolwich&#39s variable rate after the discounted periods. Neither mortgage requires an arrangement fee. Commission is 0.4 per cent.

Marketplace mortgage technical director David Bitner says: “Both products offer great value for any borrower who has or is considering a mortgage of £60,000 or less. The 1.65 per cent discounted mortgage is perfect for first-time buyers and, as it is only available up to £60,000, finding the extra money for stamp duty will not be an issue.”

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