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TMO offers penalty-free two-year self-cert discount

The Mortgage Operation is launching a two-year discounted self-certification mortgage with no redemption penalties.

The loan, funded by Verso, has a discount rate of 4.89 per cent which reverts back to the Bank of England base rate currently 4 per cent plus 1.98 per cent after the two-year discount expires.

The mortgage is available for purchase or remortgage up to a maximum loan to value of 85 per cent. Minimum loan is £25,0001.

Overpayments and repayments are allowed at any time.

There is a completion fee of £325. Introducers can get a 0.5 per cent marketing allowance subject to a minimum of £350.

Product manager Richard Stokes says: “Over-payment mortgages are esp- ecially suited to self-employed people whose incomes are subject to fluctuations. Our new exclusive with Verso has combined this flexibility with self-certification, a leading rate and on-site underwriting so we expect it to do exceptionally well in the current climate. With high-street interest rates so low, I can see more people looking at this alternative method of making their money work.”

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