BoS launches personal choice products

Bank of Scotland Mortgages has launched two exclusive large loan Personal Choice products with rates from 4.85% at this years Mortgage Business Expo.

The first product tracks the Bank Base Rate at +0.35% and is available on up to 80% Loan To Value. There is a 5% additional drawdown option, accessed via a chequebook facility and the arrangement fee is 699. Available on mortgages of between 500,000 and 2 million, the product has no Higher Lending Charge. Along with the flexibility offered by the additional drawdown, customers also have the option to overpay, underpay or take payment holidays. The Early Repayment Charges are 4% to March 31 2007 and 3% to March 31 2008.

The second product tracks the Bank base rate at +0.45%, and is available on mortgages up to 75% LTV. As with the 4.85% product, there is a 5% additional drawdown available on completion accessed via a unique chequebook facility. This product is exclusively for loans of over 2m and again, there is no ERC. The same flexible options are featured, allowing customers to overpay, underpay or take payment holidays to enable them to manage their mortgage more easily and allow for fluctuations in income streams. The arrangement fee is 999 and ERCs of 4% to March 31 2007 and 3% to March 31 2008 apply.

These products are available to all intermediaries for a limited period.