At the same time it has lowered the rates on many of its flexible and standard products.
The new product offers an initial discounted rate of 2.99% (APR 5.70%) for the first six months of the loan, based on a discount of 2% off a rate guaranteed to be no more than 0.99% above Base Rate. After the discount has ended, the rate is guaranteed to be no more than 0.99% above the Base Rate until 1 January 2008 after which it reverts to the bank’s standard variable rate.
Lower interest rates for new applicants are available on both flexible fixed and flexible capped products. The new range also features mortgages offering a 6% cashback (90% LTV) and a 5% cashback (95% LTV).
