Loughborough Building Society has unleashed a new two-year discounted variable mortgage onto the market, which has taken the Moneyfacts charts by storm thanks to its highly competitive rate and terms.
This mortgage has a competitive discounted variable rate of 1.64% (3.35% disc) for two years. It is available at a loan-to-value (LTV) of 75% and has a low fee of just £99.
This deal is open to all borrowers in possession of a 25% deposit.
Although there is no incentive package accompanying this mortgage, borrowers are given the opportunity to make overpayments of up to 10% of the outstanding balance per annum.
This newcomer has certainly rocked the boat in the mortgage market thanks to its eye-catching rate and low fee, which helps it to outweigh its rivals. Borrowers who are on the hunt for a cost-effective deal are therefore likely to show plenty of interest, especially as this deal also offers flexibility in the form of overpayments. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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