m2 and N&P join forces for fixed offer

Ramesh Sharma

June 1, 2004

Available exclusively through the m2-mortgage club, the deal incorporates a five-year fix at 4.79 per cent with a LTV of 90 per cent.

The offer includes cashback for purchase or free legal fees for remortgaging with no booking or arrangement fee.

A proc fee of 0.3 per cent is offered with a minimum of £125 and maximum of £1,000. A minimum advance of £50,000 is also required for the product. Redemption penalties exist at 5 per cent for the first two years, 4 per cent for the following two years and 3 per cent for the final year of the fixed rate outstanding loan.

Chris Burton, product manager at Mortgage 2000, said: “I’m delighted with this new m2-mortgage club exclusive. With a rate of 4.79 per cent fixed for five years, the product is ideal for all types of client whether they are first-time buyers, house movers or those looking to remortgage.

“We’re pleased to be working so closely with N&P and, with its support, look forward to bringing our members many more competitive products.”

Rod Murdison proprietor of Murdison & Browning, praised the new product and called for more lenders to offer a similar arrangement. He said: “This deal has the ideal mix of features that brokers look to offer their clients with not just a great rate but an ‘honest’ good rate with no arrangement or booking fees. In fact the effective payment rate is less if you take into account the free valuation and choice of free legals or £200 cashback towards legal costs.”

“I wish all lenders would compete solely on rate and help towards costs rather than trying to sneak in extra profits with large arrangement fees, deeds release fees and so on,” he added.

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