View more on these topics

Scottish Widows Bank offers new rates on 102% graduate mortgage

Scottish Widows Bank has introduced the option of a five-year stepped fixed rate to its 102% Graduate Mortgage to help graduates budget in the early years of their mortgage.

The qualifying period has also been extended to allow those who have graduated in the last seven years to apply.

The Graduate Mortgage allows individuals to borrow up to 100 per cent of the property&#39s value plus a further 2 per cent to cover the associated costs of buying a new home, such as stamp duty and legal fees.

Gordon Bowden, business development director of Scottish Widows Bank, says: “Since the very successful launch, we have listened to feedback and improved the Graduate Mortgage by offering a fixed rate and extended the qualifying period.

“We understand the importance of planning expenditure in the early years of a mortgage and introducing a fixed rate provides peace of mind by fixing payments.”

The mortgage is now available with the five-year fixed stepped rate or as a base rate tracker mortgage with a 0.25% discount off the bank&#39s base rate for the first 6 months. It then tracks at 1.25% above the bank&#39s base rate, which currently stands at 4.0%.

The Graduate Mortgage allows applicants to borrow in excess of the standard guidelines, subject to a close relative of the applicant acting as a guarantor. The mortgage does not involve a mortgage indemnity guarantee (MIG) premium and the payment options available are capital repayment, interest-only repayment or a combination of both.


Confusion over supervision

Mortgage intermediaries and networks have been reminded that unqualified advisers will not be able to rely on external supervision to continue giving mortgage advice after December 31.Though the Mortgage Code regulator has stressed that unqualified mortgage advisers will be able to do business on an information-only basis or through referrals to qualified advisers, confusion exists […]

Future Mortgages joins the M2000 club

Abbey National, Nationwide, Northern Rock, Yorkshire Building Society and the Portman have already joined the m2 panel in 2002. The addition of Future brings the total number of lenders to 28, accounting for around 90% of the mortgage lending market.Alan Collinson, m2-mortgage club national sales manager, says: “We are delighted to welcome Future Mortgages to […]

Mortgages PLC added to Mortgage Promotions lending panel

Broker network Mortgage Promotions has added specialist lender Mortgages PLC to its panel. The 900-strong member network, which has approximately 3,000 linked advisers, now has direct access to the full range of products from Mortgages PLC. Nick Baxter, director at Mortgage Promotions, says: “Our philosophy at Mortgage Promotions is to offer our members a wide […]

IFA Promotion releases homeowner guide

IFA Promotion has produced a free guide offering homeowners advice on how best to protect their investment from potential changes in the housing market. House prices have risen around 85% over the last five years, with the average UK house now costing over £110,000. While those who bought early will have seen a sound return […]


News and expert analysis straight to your inbox

Sign up