With a choice of fixed rates, variable trackers, cash-back and buy to lets, Scarborough says it is offering ‘something for everyone’ and is 'providing a fair long-term value deal to customers, which in Scarborough’s case means both new and existing customers'.
Once the initial deal ends customers will move to another rate for the life of the mortgage - Bank Base Rate plus 0.99% (or Base Rate plus 1.49% for Buy to Let mortgages).
Features of the new core range include;
-Flexible Fixed Rate products from 2 to 10 years, starting at just 3.99%
-Stepped Flexible Base Rate tracker from just 4.69%
-Lifetime Flexible Base Rate tracker at 5.44% with no ERC at any time
-Buy to Let tracker from 5.79%
-Most products have ‘flexible’ features, including annual overpayment allowance of 10% in the -Early Repayment Charge period
-Fee assisted package worth up to £1,000 available on most mortgages
-Facility to ‘mix & match’ up to 4 product types
-All products portable should the borrower decide to move home
-All products available to both new and existing customers
Commenting on the new core range, Tony Burdin, Head of Retail Strategy said; ‘‘Our new mortgages are designed specifically to appeal to the many borrowers who don’t want to keep having to switch lenders to get a fair deal. Not everyone has the time, inclination or the fees to be constantly searching for the best rate, and with our new range we believe our customers will see the benefits of maintaining a long-term relationship with the Scarborough – happy in the knowledge they’ll be looked after.
“Each of our products include a ‘fee assisted’ option, where you can pay a reduced arrangement fee of just £99, have your valuation fee of up to £405 refunded and receive £300 cash-back, making it ideal for anyone looking to remortgage – hopefully for the last time.’’
The shake-up of Scarborough’s mortgage portfolio comes only two months after the streamlining of the Building Society’s savings range, which scrapped introductory bonuses in favour of a fair long term deal for customers.
