The National Mortgage Network is launching a fixed rate mortgage offering borrowers re-mortgaging of their property in a fee-free package that includes £400 cashback.
The Freedom Mortgage fixed at 6.75 per cent until November 1 2003 is funded by Bristol and West.
The product is designed to allow borrowers to go ahead with re-mortgaging when they may not have the money to cover fees and provides cashback to meet other expenses.
TMO marketing director Frank Butler says: "We have launched this product because many financial advisers feel the cost of re-mortgaging stops potential borrowers progressing further with their applications. When economic factors are causing borrowers to pull their belts in, many do not have the funds to cover the fees associated with re-mortgaging."