Bank of Scotland revamps mortgage products

Friday 24 March 2006

Bank of Scotland has announced it is increasing its mortgage product range by offering self-certified fixed and two-year tracker options.

According to Mortgage Introducer, the company is introducing a one-year fixed-rate with 0-85 per cent loan to value (LTV) as well as reducing rates across a number of products.

"Customers within the self-certification market want flexibility and choice," said Charles Haresnape, managing director of Bank of Scotland Mortgages.

"By reviewing our range of products and rates we are enabling brokers to truly meet the varied needs of this market, whether customers want the security of being able to predict their monthly payments or they prefer to track the bank base rate."

The one-year fixed rate has a 4.75 per cent rate of interest, with an early repayment charge (ERC) of five per cent and an arrangement fee of 599.

Two-year fixed rates (with a maximum LTV of 75 per cent) have the same ERC and arrangement fee, with rates now beginning at 4.75 per cent. Two-year trackers with the same LTV maximum, ERC and arrangement fee now start at Bank of England base rate plus 0.39 per cent.

Finally, a three-year fixed option with a maximum 85 per cent LTV has had its rate reduced by 0.2 per cent to 5.09 per cent.


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Bank of Scotland revamps mortgage products