Bank of Scotland has launched a 100% fixed rate mortgage, which it says is designed to help first ti...
Bank of Scotland has launched a 100% fixed rate mortgage, which it says is designed to help first time buyers and the self-employed.
Its rate is fixed at 5.99% for three years until August 31 2004, and is available up to 100% of the value of the loan for both purchases and re mortgages. At the end of the fixed rate term, the interest rate reverts to the Bank of England's standard variable rate.
George White, mortgage sales director at Bank of Scotland said: "With house prices continuing to rise throughout the country, it is becoming increasingly difficult for first-time buyers to get a foot on the property ladder, while the best deals have not always been available to the self-employed.
"In particular, making this mortgage available up to 100% loan to value (LTV) could make a real difference to those people who find their savings are quickly swallowed up by the legal fees, stamp duty and furnishing costs associated with buying a home for the first time."
For more information about this and other products, see www.bankofscotland.co.uk
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