Standard Life makes changes to Freestyle range

It has reduced the cost of offsetting and increased the maximum amount clients can borrow.

Standard Life Bank has confirmed that it is cutting the cost of offsetting, by reducing the fee for offsetting on all Freestyle discounted variable mortgages to £99.

In reviewing its flexible mortgage product range, Standard Life Bank has also extended its lending criteria up to £1.5 million.

Alan Dring, Head of Intermediary Development at Standard Life Bank, said: "Having trialled the reduced offset fee with existing customers, we saw a 47 per cent uptake of this benefit. We are now extending this offer to all new customers. For clients with savings in the bank, offsetting really does make sense as it can take years off a mortgage.

"Following conversations with introducers, we have increased our loan limits as the first step in a series of announcements about our product range. These changes reflect the moving face of the mortgage market."