Market Harborough launches 'Discount Now, Fix Later' mortgage

Market Harborough Building Society has announced rate reductions across its fixed rate mortgages by up to 0.36% and launched a ‘Discount Now, Fix Later’ option.

The new product aims to support brokers and their clients in the current market. It allows clients who pick a discounted rate on their application to make one switch to a fixed rate before completion, without paying the £299 product fee for the switch - available for a limited time. Rates for the specialist lender's discounted products start from 4.20%. 

In addition, residential and buy-to-let mortgages have reduced by 0.36% fixed for two years, 0.32% fixed for three years, and 0.28% fixed for five years.

The Society’s rates now start from 5.79% fixed and 5.05% discounted for residential tier one cases with a £1,495 product fee; 4.96% fixed and 4.20% discounted for residential large loan cases between £3m and £5m, available for a limited time; and 6.20% fixed and 5.46% discounted for buy-to-let tier one cases, including top-slicing and lending into retirement as standard. 

Iain Smith, head of mortgage distribution at Market Harborough, commented: “Waiving the product change fee and allowing a switch from a discounted rate to a fixed rate before completion is about giving brokers and their clients more control in a fast moving market, removing cost barriers and making it easier to adapt. 

"Today’s news reinforces our focus on delivering practical, award-winning solutions for a broad range of client needs, including those with more complex cases. As always, we’re keeping our partners fully informed every step of the way.”