Scottish Widows Bank has launched a new long-term fixed rate mortgage available to professionals, graduates and key workers, as well as mainstream customers.
The ten-year fixed rate, fixed until 28 February 2018, is available from 5.59% for a loan of up to 75% loan to value, rising to 5.89% for loans of over 75% LTV.
The product has a fee of £499, which can be added to the loan, and allows up to 10% of the loan balance to be repaid each year without early repayment charge.
Richard Clark, head of product development and marketing at Scottish Widows Bank, comments: “Many people are coming to the end of cheaper short-term fixed rate deals, and affordability can become an issue when looking for a new deal. Although interest rates are expected to stabilise this year, demand for fixed rate deals is likely to remain strong as borrowers look to protect themselves against any future rate increases.”
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