Financial Services Industry
Industry: Email Alert RSS FeedNew Product - BM rolls out lifetime plan.(BM Solutions)(Brief Article)
Financial Adviser, August, 2005
BM Solutions has launched a lifetime tracker at 4.89 per cent.
The product tracks the Bank of England base rate plus 0.39 of percentage point for the lifetime of the mortgage.
An arrangement fee of 1.5 per cent is charged and early repayment charges of 5 per cent for the first three years apply.
The product has a rental calculation of 125 per cent at the product rate.
Verdict: Barry Jackson, director of Doncaster-based Miller Dutton Insurance Brokers, said the rate looked competitive but he would be cautious when recommending the product to clients at an arrangement fee of 1.5 per cent.
Visit: www.bmsolutions.co.uk
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