The ten-year fixed-rate mortgage has been re-introduced at 4.89 per cent (moving to the Freestyle standard variable rate, currently 5.95 per cent) for up to 75 per cent loan-to-value. The overall cost for comparison is 5.6 per cent APR.
Standard Life Bank has also reduced its Freestyle five-year fixed-rate mortgage to 4.79 per cent for up to 75 per cent loan-to-value. The overall cost for comparison is 5.8 per cent APR. This rate is 0.10 per cent lower than the previous 75 per cent loan-to-value.
Will Fraser, national account manager at Standard Life Bank, commented: "These changes are available while stocks last and have been put in place following our ongoing discussions with advisers, and feedback from our key distribution partners.
"The relaunch of our ten-year fixed product and the reduced rate of our five-year product provides a very competitive and attractive solution for those people who are seeking the added security of a fixed outgoing over the longer-term.
"Our award winning service proposition, responds to the needs of our intermediary clients and their customers. By giving intermediaries direct access to senior underwriters, we can guarantee a level of support that will help them to deliver a first class service that surpasses other high street propositions."
Additional features that are available with these products include:
- Overpayment options (of up to 10 per cent per annum, early repayment charges apply to any payments over 10 per cent.)
- Add booking fees to loan
- Optional upgrade to include Freestyle cash reserve (£99). On each drawdown, there is an administration fee of £20
Ten-year fixed-rate product details:
- Loan-to-value initial rate (until 08/03/2016) variable revert to rate The overall cost for comparison is:
Booking Fee up to 75 per cent 4.89 per cent 5.95 per cent 5.6 per cent APR £599
Five-year fixed-rate product detail:
Loan-to-value initial rate (until 08/03/2011) variable revert to rate The overall cost for comparison is:
Booking fee up to 75 per cent 4.79 per cent 5.95 per cent 5.8 per cent APR £599
75.01 - 90 per cent 4.99 per cent 5.95 per cent 5.9 per cent APR £599
90.01 - 95 per cent 5.19 per cent 5.95 per cent + 0.2 per cent
currently 6.15 per cent 6.1 per cent APR £599.
