In the next stage of the recently launched intermediary support programme, advice matters, Clerical Medical now offers smartfinance, an offset commercial mortgage facility from Bank of Scotland. The mortgage can be used for any purpose; property purchase, business acquisition, refinancing and raising additional funding against property assets. smartfinance is available for use by financial advisers and their corporate clients.
smartfinance combines a commercial mortgage with a choice of Bank of Scotland Business Current Accounts and the credit interest on credit balances [1] is used to reduce the interest charged on the commercial mortgage. This gives the mortgage holder the opportunity to reduce monthly repayments or to cut the repayment term.
Funding is available for up to 75% of the value of the property being used as security; any costs together with any fees from the borrowers solicitor can be added into the smartfinance mortgage.
smartfinance delivers the following benefits:
- Competitive interest rates
- Interest rates reduced even further through the offset facility
- Offset benefit of Base Rate interest on current account credit balances
- Early repayment facility
- Capital Repayment Holiday to boost cash flow
- Reduced monthly payments using interest gained from the offset facility
- Reduced banking costs with a direct business current account
- Set-up fees can be added to the mortgage [2]
- No early repayment penalties
- Telephone and internet banking services available 24/7
- Dedicated Relationship Manager
- Simple application process
Commenting on the new product, Charles Evans Market Development Manager Clerical Medical, said: “Advice Matters is about Clerical Medical, in conjunction with other parts of the HBOS Group, supporting intermediaries through the changes and mounting business pressures ahead.
smartfinance will be a useful addition to the range of products and services that they offer to their corporate clients, as well as providing them with a product that can be utilised to further develop their own businesses.”
