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BoS getting loanin flexible shape

Bank of Scotland is revamping its flexible mortgage product Personal Choice in response to borrowers&#39 changing needs.

It is offering a range of options on its flagship product, including two fixed rates of 6.79 per cent and 6.99 per cent on part of the loan, plusa one-year discount, bringing the headline rate down to6.6 per cent. BoS says the options offer the benefits of a flexible mortgage with the reassurance of a fixed rate.

Borrowers can fix up to 50 per cent of their loan for either one year at 6.79 per cent until June 30, 2001 or three years at 6.99 per cent until August 31, 2003. The rate on the balance of the loan is at the variable rate, currently 7.9 per cent.

Director of mortgages John Lloyd says: “Flexible mortgages are becoming increasingly popular. They give borrowers more control of their mortgages rather than relying on repayment vehicles suchas endowments or pensions.

“As work patterns change it is becoming increasingly important that customerscan choose how to pay back their loans.”

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