The three-year discounted prime product, funded by a collection of building societies and distributed through the Helix Club in Scotland, has a starting rate of 3.99 per cent with a year one discount of 2.50 per cent and year two and three discounts of 1.50 per cent.
After completion of the initial discount period the client can then select a rate no more than 2 per cent below the Society’s Base Rate for up to two years. The variance is added to the loan.
All legal fees and valuation fees are paid for, there is no booking or completion fee and the product has free ASU and buildings contents cover.
Opus has been working with the Mortgage Intermediary Alliance Scotland (MIAS) negotiating with English lenders to fund deals for Scottish-based brokers. It has secured £100 million in funding so far.
Kevin Friend, director of MIAS, said: “There are a disproportionate number of Scottish borrowers on standard variable rate deals so this product addresses this concern. The 3.99 per cent rate will be deemed extremely attractive to brokers’ clients.”
Carl Melvin, managing director of Glasgow-based Millbrae Financial Services Ltd, said: “This sounds like an attractive deal especially with interest rates going up but clients would have to careful about any overhangs.”
