Huge rise in number of cheap five-year fixed-rate mortgages
Bank of Scotland mortgages, the residential lending arm of one of the United Kingdom�s leading financial services providers, has announced the launch of a brand new pair of two-year tracker mortgages. They have set the loans� interest rates at a highly competitive level, although borrowers should take note that this will only last for a limited amount of time.
The two tracker mortgage deals are offered at the starting interest rate of 3.99 per cent and 4.25 per cent. These loans will then track the Bank of England base rate � 0.51 per cent and � 0.25 per cent. Both of the tracker deals are available to take out a loan to the value of �2 million.
The Bank has released the new mortgage deals as the market traditionally accelerates in springtime. The MD of the Bank of Scotland Mortgages sector was reported as saying: Spring is the time when the housing market starts to gather pace, so at this time of year especially intermediaries need a range of competitive rates available to them. These new products will only be available for a limited period and are designed to allow brokers to maximise the current opportunities presented by the increase in home buying activity.
Speculation about a cut in base rates by the Bank of England continues, with many experts expecting a move at the end of the summer.
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