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No penalty on tracker loan

The MarketPlace at Bradford & Bingley is offering a two-year tracker mortgage with the backing of lender Mortgage Express.

Minimum loan is £75,000 and maximum is £300,000. Loan to value is 95 per cent and any mortgage over 75 per cent LTV will have an annual loan to value calculation.

If the LTV falls below 75 per cent, the borrower&#39s overall interest rate will fall by 0.25 per cent. This arrangement is downwards only, so once the borrower has the new rate, it cannot be increased.

The interest rate for the first two years is fixed at 27 basis points below the Bank of England&#39s base rate, giving a current pay rate of 3.73 per cent. After the discounted period, the rate reverts to the base rate plus 1.75 per cent.

The mortgage is fully flexible, with overpayments, underpayments, payment holidays and drawdown allowed.

There is no mortgage indemnity guarantee and arrangement fees can be added to the loan. There is no early redemption penalty, even during the first two years.

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