As part of the review its standard light plan has been moved from 3.35 per cent to 2.75 per cent, the medium plan from 4.35 per cent to 3.22 per cent and the unlimited plan changed from 5.35 per cent to 4.22 per cent. In the non-standard range, the light plan rate decreased from 4.35 per cent to 4 per cent, the medium plan from 5.35 per cent to 4.22 per cent, and its heavy plan from 5.85 per cent to 4.22. The unlimited plan has been altered from 6.35 per cent to 5.22 per cent.
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The lender also introduced a one-year discount on all ranges, where each rate is offered at 1 per cent less than those above.
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Martin Coates, sales and marketing director at London Scottish Mortgages, said: “We expect this price reduction along with the introduction of discounts to be well received. In the current environment, where rates are rising, this reduction is a clear indication of our commitment to leading this sector.”
Rob Clifford, chief executive of Mortgageforce, said: “The non-conforming sector is over-subscribed. This can work in the public’s interest as it drives down prices. Many non-conforming lenders are recognised players, and do a good job but they need to make the correlation between the rate and the price.”
