The following information is designed to give you a flavour of the better mortgage deals available at the moment.

The Lender:

The Mortgage Works

Interest Rate Type:


Rate offered:


Length of any special rate period:

Fixed until 30-09-2012, then it reverts to the lenders own rate which is 4.79% (variable) at present. This is effectively a 2 year fixed deal.

Maximum Loan To Value (LTV):

70%, which means you need a deposit of 30% to qualify for this deal.

Length of period you are tied in to the deal:

Until 30-09-2012, which is the same as the fixed rate period so there is no ‘overhang’. This allows you to remortgage cheaply once the special rate period ends. (See ERC below).


2% of the amount borrowed (min £595), which can be added to the loan. Plus an upfront booking fee of £149.

Early Repayment Charges (ERC):

5% of capital repaid until 30-09-2012. But 10% capital overpayments are allowed each year without incurring a penalty. Overpaying reduces your interest payments in the long term.

General information:

A general residential purchase mortgage. There will be other amounts to pay such as money transfer, legal and valuation fees as well as stamp duty where applicable.

Disclaimer: This deal is current at the time of writing but lenders are always withdrawing deals and putting new ones on the market.

Nothing in this article should be misconstrued as advice. You should consult a properly qualified and regulated Independent Financial Adviser or Mortgage Broker prior to taking on any commitment. It is also worth remembering that some deals are only available through the lender and some only through brokers.

Whilst we aim to be accurate the above information should not be relied upon. Always check with the provider or adviser first.

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