Placed in the bank’s professional and flexible products stable, the new products offer customers a two-year fixed term with offsetting capacity.
For mortgages below and at 95% of property value, Scottish Widows’ new product has a rate of 5.45%. For those above 95% of value, the rate increases to 5.95%. The fixed-rate holds until the end of October 2008.
With base rate movements at the back of everyone’s minds, it is important for lenders to support their customers by offering more security in their products to those that want it. In the current climate, this new product offering will not only provide a welcome safeguard of a fixed rate, but also the flexibility of an offset product that ensures your savings are consistently working to reduce your mortgage, commented Murdo McHardy, head of product development and marketing for Scottish Widows Bank.
