Launchpad: Mortgages

The product will track the Bank of England base rate plus 1.89 per cent until 31 December 2015 and is available at up to 75 per cent loan to value.

Customers can make capital repayments of 10 per cent a year without penalty, with early repayment charges set at 3 per cent of the amount redeemed in the first year and 2 per cent in year two.

Features include:

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£199 booking fee
£400 completion fee on mortgages worth £500,000 and 1 per cent above that amount
Free standard valuations up to £335
Free legal services for remortgages
Maximum loan of £750,000 applies

IFA VERDICT: Dan Clayden, director of Devon-based Clayden Associates

“What clients have to take into account is whether they have a relatively small mortgage or not, because flat fees can really bump up the overall cost unless your mortgage is nearing £500,000.”