£1 million-plus offset mortgages through Scottish Widows Bank
Scottish Widows Bank has launched a range of £1 million-plus offset mortgages.
Trinity Financial has access to the banks most competitively priced 1.99% two-year rate which is fixed until 31 August 2018.
At the end of the fixed rate, the mortgage reverts to the standard variable rate, which is currently 3.99%. The overall cost for comparison is 3.7% APR.
Aaron Strutt, product director at Trinity Financial, says: “Scottish Widows is one of the most popular offset lenders, and it has a selection of fixed and tracker rates.
“Offset mortgages can save clients a considerable amount of money and reduce their mortgage term when they put bonuses or savings in the linked account. They can still withdraw the money at any time.”
The 1.99% rate has a £1,999 arrangement fee and early repayment charges apply until 31 August 2018. Applicants will need a 40% deposit to qualify and the rate has a maximum loan size of £2,999,999. For larger loans, the lender will charge two arrangement fees.
The bank has a generous interest-only policy and still accepts the sale of the property as a repayment vehicle. This is on the condition clients have enough equity in the property.
For help to secure an offset mortgage, call Trinity on 020 7016 0790.