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Towry Law offering hybrid loan with fix and discount

Towry Law Mortgage Services is offering an exclusive hybrid mortgage combining an initial fixed rate followed by a discount.

The product has a one-year fix at 3.59 per cent followed by a 1 per cent discount off the standard variable rate – giving a current rate of 4.75 per cent – for the following year.

The IFA refuses to name the lender which is behind the deal.

There are no compulsory insurances and self-certification is allowed. The mortgage is available for up to 75 per cent of loan to value. Legal and valuation fees are free up to £350.

There is a redemption penalty of £70 plus the interest due for the remainder of the month in which it is redeemed.

The mortgage allows for up to 10 per cent of the loan to be repaid during the fixed year without a penalty. Towry Law Mortgage Services is a joint venture between Holdsworth Financial Management and Towry Law.

Director Steve Jones says: “Our new combined product is a fantastic for our customers. Not only does it combine a market leading rate with a year&#39s security but it ensures that the borrower pays under the market rate in year two as well.

“We have seen borrowing increase dramatically over the last year especially in the remortgage sector. Many customers have used the reduced interest rates to consolidate other debts and bring down their mortgage payments as well.”


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