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Discount deal and no lock-in on 100% loan

Scottish Mutual and the Royal Bank of Scotland have put together a 100 per cent mortgage deal with daily interest and no extended redemption penalties.

The stepped discount mortgage offers a four-year discount off the 100 per cent rate. Fees can be added above 100 per cent and a 3 per cent discount is being offered until December 2001, making the payable rate 5.24 per cent. There is a 0.75 per cent discount until December 2004, making the payable rate 7.49 per cent.

The mortgage is avail-able exclusively to members of the Scottish Mutual Mortgage Alliance, which operates exclusively for the benefit of IFAs. It allows them to place mortgages with lending partners and receive introducer fees negotiated by Scottish Mutual.

ScotMut mortgage marketing manager Mark Evans says: “This is a great deal for anybody looking for a 100 per cent mortgage. The generous first-year discount and the facility to add fees to the loan even above 100 per cent will be particularly valuable for first-time buyers.”

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