Mortgage Promotions launch Standard Life Bank exclusive

Mortgage Promotions has launched an exclusive online mortgage deal with Standard Life Bank.

Network members who arrange a Standard Life Bank Freestyle mortgage with offsetting discount online will save their customers the normal Standard Life Bank offsetting fee of £150. The offer is available from January 27 to March 15 and is subject to demand.

The introducer procuration fee for Standard Life Bank business introduced by Mortgage Promotions members will remain as normal on this product. This is 0.42% of the advance except when the advance is greater than £150,001 for which the fee is 0.44% of the advance.

Nick Baxter, director of Mortgage Promotions, says: ” I am pleased that this exclusive deal has a tangible consumer benefit – namely our members can immediately show their customers that they have been able to save them a £150 normal set-up fee.”

Alan Dring, head of sales at Standard Life Bank, adds: “We chose Mortgage Promotions to launch our first exclusive offset deal as it has had a successful track record in delivering volume business to us since its launch 18 months ago.

“Additionally, we have been impressed with the marketing it has done on our behalf with its members. The success of this exclusive deal depends heavily on the communication between Standard Life Bank and Mortgage Promotions and its members.

“This deal is only available online and Mortgage Promotions is well-placed to help us identify which of its members are in a position to trade electronically.”