Scottish Widows cuts large loan rates by 0.20%

Scottish Widows Bank has lowered rates on borrowing over £1 million by 20 bps.

Related topics:  Mortgages
Rozi Jones
24th February 2017
houses house buyer family mortgage street home
"Our £1m+ product range attracted more than £40m of business in the first six weeks of this year alone"

Its professional mortgage two-year fix is now 1.64% up to 60% LTV, 1.84% up to 75% LTV and 2.54% up to 80% LTV.

Its two-year fixed rate flexible mortgage is available at 1.74% up to 60% LTV, 1.94% up to 75% LTV and 2.64% up to 80% LTV.

All products come with a £1,999 fee up to £3 million, with extra fees applying for each £3 million of borrowing. For loans of £3 million to £5,999,999 two product fees will be payable. For loans of £6 million to £8,999,999 million three product fees will be payable.

Martin Fleming, Managing Director, Scottish Widows Bank, said: “Our £1m+ product range attracted more than £40m of business in the first six weeks of this year alone, and the combination of competitive rates, flexibility of offset and great service have helped us carve out success in this area. These new changes will enable us to continue building on that strength and grow completions significantly in 2017.

“We recently introduced our lowest ever remortgage rates with the built-in flexibility of offsetting to help brokers save money for clients. Making our large loan offering more accessible with a lower rate is part of our wider commitment to the market.”

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