Borrowers can now overpay by up to 10% on any fixed rate and make unlimited overpayments on our Freestyle variable rate products. In an environment where borrowers are increasingly focusing on staying in control of their finances, this represents an important development.
David Macmillan, director of sales and marketing, said:
“Extending the overpayment facility across our range of fixed rate mortgages reflects the growing importance that borrowers attach to product flexibility and being able to pay their mortgage off early. A customer with a £120,000 capital mortgage on our five year fixed rate could cut their mortgage term by 84 months by overpaying just £200 a month. As consumer debt continues to spiral Standard Life Bank recognises that lenders have an important role to play in encouraging consumers to be more financially savvy. It also underlines our commitment to enhancing our Freestyle mortgage product, in ways that provide our customers greater freedom when managing their financial affairs”.
In addition to extending our overpayment facility, Standard Life Bank has also launched a new range of fixed rate mortgages, offering borrowers the chance to protect themselves against future increases in interest rates. New fixed rates are available from 4.49% (APR 4.9%) over three years and from 4.59% (APR 4.9%) over five years.
