Savills Private Finance is set to go head to head with major lenders with the launch of a low fixed rate mortgage.
SPF, a subsidiary of Savills Property Consultants, is planning to take on the major lenders as part of its expansion plans.
The IFA arm, which was set up last year to sell financial services to customers of Savills existing high net worth client bank, aims to write over £100m in loans this year.
It is offering a loan fixed at 6.09 per cent until January 1 2004. The loan, which is available for mortgages or re-mortgages, has minimum of £100,000 and a maximum of £500,000.
It has a redemption fee of six months interest at the standard variable rate for the first five years. There is an arrangement fee of £299 which can be added to the loan.
Managing director Mark Chilton says: "In today's market there is a decreasing interest rate outlook. It is our business to have products available that satisfy the consumer view.
"The average rate over the next five years will be not less than 7.3 per cent. For consumers to be able to lock into a rate which is 1 per cent below that for five years is a good deal."
Savills plans to recruit over 150 IFAs.