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TMO Long Term

The Mortgage Operation has introduced a long-term discount mortgage in Scotland with redemption fees that increase during the third year.


This goes against the grain of the Government’s CAT standard and the growing popularity of penalty-free mortgages.


The company has based this mortgage on their belief that borrowers are more likely to redeem in the third year. However, IFAs are unlikely to look past the bizarre penalties.


The mortgage could be of use to someone who wants to borrow the absolute minimum and who is in desperate need of a cashback. But there are better poducts on the market.


Derbyshire offers a fixed rate of 6 per cent with a five-year discount of 1.04 per cent and free valuation. Nationwide has a penalty-free mortgage with a five-year discount of 1.09 per cent and free valuation. And Mortgage Express offers similar deals with free MIG of up tp 95 per cent of valuation.

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