From 24 March 2004 a stepped discount over three years and a two year fixed rate will be introduced.
The stepped discount offers a 1% discount in year one, 0.5% in year two and 0.25% in the final year. The bank’s Standard Variable Rate is currently 5.24%. The two year fixed rate is 4.98% for loans up to 90% of the property’s value and 5.28% for loans over 90%.
Gordon Bowden, Business Development Director with Scottish Widows Bank says:
“The aim of extending the range of options available on our Graduate Mortgage is to further help first time buyers onto the property ladder. In today’s property market, providing a greater choice gives graduates a solution when buying their first home.
“Our Graduate Mortgage also offers the added benefit of allowing for a guarantor to offer a ‘top-up’ guarantee for the amount that is greater than the client’s borrowing capacity, contributing to the ongoing success of this product”
“This latest enhancement reinforces Scottish Widows Bank’s approach of consistently offering good value and competitive products that meet the needs of our customers.”
The three year stepped discount and two year fixed rates will sit alongside the existing 5 year fixed rate and discounted tracker product.
