Scottish Widows Bank has announced this morning that it has launched new rates on its Flexible remortgage products as well as expanding its product range.
Recent statistics from data specialist CACI estimated that £17bn of mortgages are expected to mature in September, and a further £18bn in October. According to the lender, all the new rates come with the facility to offset as standard:
Professional & Flexible Remortgage two-year fixed rates
Rates reduced by 0.05% on 0-50% LTV products to 1.14% with a £749 fee and rates reduced by 0.05% on 50-60% LTV products to 1.19% with a £749 fee.
Professional & Flexible Remortgage five-year fixed rates
Scottish Widows Bank is splitting the current 50-75% LTV band into 50-60% at 1.79% and 60-75% LTV at 1.99%, both with a £749 fee and rates will be decreased by 0.06% on 0-50% LTV products to 1.69% with a £749 fee.
Martin Fleming, Managing Director, Scottish Widows Bank, said: “With a wave of borrowers whose current mortgage deals are expected to come to an end in the coming months, it’s the ideal time for brokers to demonstrate the value of their advice.
In times of change, advisers need to make sure their clients are prepared. By remortgaging to a Scottish Widows Bank offset product, they can access a competitive mortgage rate, reduce the balance they pay interest on with savings and have instant access to that cash should their circumstances change.”