Savills launches discount loans
It is now offering a 2-year 2.01% discounted rate with no early redemption penalties but an arrangement fee of £295, and a 2-year strepped discount. For the first year this comprises a 2.66% discount and in the second year the discount reduces to 1.86%. Early redemption cost is 6 months’ interest at SVR for two years from completion and there is an arrangement fee of £395.
Commenting on the offer, Mark Harris, director at SPF, said: “We are delighted to be able to offer these two flexible products, which are more attractive than most of the fixed-rates currently on the market. The 2.01% discounted mortgage, with a current pay rate of 3.94%, is made all the more attractive by having no early redemption penalties, while the two-year stepped discount is attractive for borrowers who wish to keep their repayment costs low when they move into their new property.”