The three- and five-year fixed rate products are:
• A three-year fixed rate at 6.29% with an early repayment charge of 5% to 31 May 2010.
• A five-year fixed rate product at 6.29% to 31 May 2012, with an early repayment charge of 5%.
Both products have an arrangement fee of £999 and clients can overpay up to 10% of their mortgage balance per year without incurring an early repayment charge. Customers can then choose to take a payment holiday, or underpay to the value of the overpayments to a maximum of three months in any 12 month period.
John Lloyd, head of sales at Bank of Scotland Mortgages, said: “These products offer brokers the opportunity to give their clients the security of knowing how much their payments will be, even at a time when there are rumours around Bank Base Rate rises. They are good longer term fixes for customers who are utilising their buy-to-let in planning for their retirement, to supplement their pensions.”
