It is introducing three products, aimed at increasing the choice available to brokers and their clients.
- A mainstream 3.99 per cent three-year stepped tracker (Bank of Scotland Base Rate -0.76 per cent to 31 December 2007 then Bank of Scotland Base Rate +0.24 per cent to 31 December 2009) has been introduced. This product is available on 0-85 per cent loan-to-value (LTV) and for loans up to £500k. An early repayment charge (ERC) of 5 per cent to 31 December 2007, then 4 per cent to 31 December 2008 and then 3 per cent to 31 December 2009 applies. This product carries a £2,499 arrangement fee. This product is available for remortgage business only and comes with the incentive of the Bank of Scotland remortgage service.
- Two large loan 3.99 per cent three-year stepped trackers (Bank of Scotland Base Rate –0.76 per cent to 31 September 2007 then Bank of Scotland Base Rate +0.24 per cent to 31 December 2009) have been introduced. These products carry a 1 per cent arrangement fee and are available on 0-85 per cent LTV and for loans from £500k to £5m. They both carry an ERC of 5 per cent up to 31 December 2007 then 4 per cent to 31 December 2008 and then 3 per cent to 31 December 2009. The first is available for both purchase and remortgage business while the second is available for remortgage business only and includes the Bank of Scotland remortgage service.
The remortgage service offered by Bank of Scotland Mortgages includes no charge for property valuation and the Bank also pays its own legal fees.
Charles Haresnape, managing director of Bank of Scotland Mortgages, said: “With rates starting at 3.99 per cent these products further demonstrate our dedication to providing the greatest choice for brokers and their clients.”
