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Savills discount loan at 3.89% in Co-op deal

Savills Private Finance is offering a three-year discount mortgage at 3.89 per cent backed by Co-operative Bank.

The mortgage gives an initial discount of 1.2 per cent off the Co-op&#39s current standard variable rate of 5.09 per cent.

The loan has a number of flexible features, including the option to make overpayments of up to 10 per cent of the balance each year without incurring any penalties and the ability to switch into any of the Co-op&#39s fixed rates during the discount period.

The minimum loan is £25,001 and maximum £1m. The loan has an arrangement fee of £395 and 1 per cent redemption penalty during the discounted period.

The product is available exclusively through Savills, which handles all the mortgage business for big national IFAs such as Sedgwick and RJ Temple.

Director Mark Harris says: “This is a fantastic deal which is available both to potential buyers or those looking to remortgage their existing property. The discounted rate of 3.89 per cent offers one of the lowest rates of its kind on the market and the 1 per cent redemption fee is particularly low for this type of product.”


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