The deal, funded by the Woolwich, has an initial rate of 3.69% (5.8% APR).
Commenting on the product, David Bitner, head of product operations for The MarketPlace, said: "This is a great product that offers the best rate we have ever seen for a two-year deal. The product will provide borrowers with guaranteed payments for two years at an extremely low rate. It would particularly suit first-time buyers who often purchase their first home on a strict budget.”
The mortgage is fixed to 30/04/05, has a maximum LTV of 95% and is MIG free to 90%. Redemption penalties apply only in the fixed period and the mortgage also has flexible features and the ability to repay up to 25% of the loan penalty free, per annum.
