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£1 million-plus offset mortgages through Scottish Widows Bank

Aaron Strutt Image

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.

As seen in
sunday times telegraph financial times bbc news the express the times
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