The lender confirmed that it would be offering a limited offset, available to customers of all Standard Life Bank’s variable rate product and certain fixed rate mortgages, with the arrangement fee of £99 also removed.
Announcing the launch, Jackie Moran, head of sales at Standard Life Bank, admitted that, in the current climate, offset mortgages would provide flexibility for borrowers. She said: “This offer will provide added value for our existing customers, giving them the freedom to shorten the length of their term or reduce the amount they pay each month.”
Michael Brill, director at Baronworth, said if the terms of the deal remained the same, it was a good option to be considered. “If the terms stay the same, it would be worth looking at for the right client, especially if the rate stays the same. You would need to know if they are locked in for the same period as the original deal as if the client likes the offset facility, you can look around for a better deal.”
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