At a time when many lenders are increasing their fixed rates, Bank of Scotland Mortgages has taken the decision to maintain its current large loan and mainstream rates for as long as possible to allow brokers to pass on competitively priced mortgage products to their clients.
High net worth is a key area where BoS has predicted and responded to changes in the property market and has used its experience to create a product range supported by personal service.
All mortgage applications are handled by BoS premier team based in Edinburgh. A senior underwriter is assigned to each large loan application, who supports the intermediary in a variety of ways throughout the application process, for example they can advise on underwriting criteria during the preparation of the application. Any complex large loan applications can also be individually underwritten at the banks specialist intermediary mortgage centre in Edinburgh.
In terms of products, intermediaries working in the large loan arena will be able to offer clients a two-year fixed rate of 4.39%. This product has a competitive arrangement fee of 599 and early repayment charges of 4% to December 31 2006 and then 3% to December 31 2007. There are no overhangs and an LTV of up to 90% is available. All types of customers can benefit from this product, from home movers to remortgages either using the banks free valuation and conveyancing service or using their own conveyancer.
A mainstream two-year fixed rate at 4.49% to 75% LTV is available for remortgages with the BoS remortgage service. This has an arrangement fee of 399 and a flat ERC of 2% until December 31 2007 with no overhangs. For customers moving home or not wishing to use the free remortgage service, this great rate is also available up to 90% LTV with 500 cash back, 499 arrangement fee and an ERC of 3% to 31/12/2006 and 2% to December 31 2007. These products give intermediaries even more reason to partner BoS, rather than other lenders, when dealing with applications for mainstream mortgage customers.
Catherine More, head of mortgages products at Bank of Scotland, says: With many lenders currently increasing their fixed rates, these products provide an attractive alternative. Our strong track record in the fields of large loans and mainstream mortgages means that along with competitive rates we can provide exceptional standards of service.