UCB Home Loans has launched a “limited offer” three-year self-certification tracker mortgage, which it says offers the “most competitive” rates on the current market.
Available at a loan-to-value rate of up to 85 per cent, the mortgage tracks the Bank of England’s interest rate plus 0.34 per cent for three years, giving a product pricing of 5.09 per cent.
The loan replaces the previous product from UCB, which was priced at the base rate plus 0.64 per cent.
During the three-year period there is an early repayment charge (ERC) of three per cent, after which time there is no ERC at all. The loan has an arrangement fee of £495 and also features free standard valuation purchasing and remortgaging.
“This new product offers a highly competitive, value-for-money deal,” said Keith Astill, the company’s managing director.
In addition, UCB has raised the rates on its other products, a move which has been attributed to increased funding costs. Its two-year and three-year flexible fixed-rates have been increased to 5.69 per cent and 5.64 per cent respectively.
UCB Home Loans is part of the Nationwide group, a mutual society and the UK’s fourth largest mortgage lender.
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