Standard Life Bank has expanded its Freestyle range with a term tracker product in response to strong consumer demand.
The new mortgage, available from today, will track the Bank of England base rate for the entire term of the mortgage without reverting to a standard variable rate.
The mortgage will track the base rate at BBR + 0.65% for loans of up to 75% LTV and at BBR 0.71% for loans of up to 90% LTV. Arrangement fees are £799 regardless of the loan size.
Will Fraser, national sales managers at Standard Life Bank, says the new product offers new opportunities to intermediaries.
“This product gives advisers the opportunity to build a longer-term relationship from the outset, as well as to review their books and get existing clients with lower balances, and potentially shorter terms, off SVR and on to tracker rates,” he says.
The mortgage also offers other features of the Freestyle range, including the ability to overpay or offset and the facility to borrow back or draw down on equity in a property.
Initially, the mortgage will be available through the Mortgage Brain and Trigold sourcing systems.
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