Offering short and long term deals, and offering rates froms 3.99%, Scarborough believes they have something for everyone.
Highlights include a new Flexible Two Year Fix mortgage offering customers a fixed rate of 3.99% for two years, followed by a rate guaranteed to track 0.99% above Bank of England Base Rate for a further 3 years. Offering a 90% loan to value and an arrangement fee of £395, this two year fix may be just the ticket for those borrowers coming off existing two year deals who wish to avoid any significant payment increase.
For those borrowers seeking the certainties offered by a long term fixed deal, then Scarborough’s best buy 10 year flexible fix mortgage priced at 4.95% may tick all the right boxes. This deal also comes with a cashback alternative option, and for a rate of 6.49% borrowers have a 11% cashback that could provide that much needed cash injection to finance any grand plans.
Commenting on the current mortgage market, Tony Burdin head of retail strategy said; ‘‘More than 450,000 fixed rate mortgages were completed in the UK in 2003, when there was a large take up of the two year fixed rate products that were available. Many of these customers could be in for a payment shock when their fixed period ends. With this in mind, we have launched our range to ease that payment shock and to provide what we believe to be, something for everyone.
"Not everyone has the time or inclination to be constantly remortgaging to find the best rate, which is why Scarborough’s range is designed to offer a longer term good value deal. Our 2 year fix is a real winner, and with limited funds available, I would urge borrowers to act quickly to avoid any nasty surprises.’’
