In year one, borrowers will pay 4.7% fixed until 31 December 2003; then the rates are 4.9% until 31 December 2004 and 5.5% fixed until 31 December 2007. There is a £295 non refundable booking fee payable which can be added to the loan as long as the total borrowing is within the maximum 102% loan to value.
After the 5 year period the loan will revert to Scottish Widows’ current standard variable rate, currently 5.15%. A redemption penalty of 3% will apply if the loan is redeemed within the 5 year fixed rate period.
