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Scarborough gets back to base

Scarborough Building Society has introduced a flexible base rate tracker mortgage that remains at 0.90 per cent above the Bank of England base rate for the term of the mortgage.

The current payable rate is 6.90 per cent, which is competitive for a flexible mortgage that allows loans up to 95 per cent of valuation. According to Moneyfacts on December 11, 2000, Mortgage Express was offering a flexible base rate tracker with a maximum loan to valuation of 95 per cent at 0.99 per cent above the Bank of England base rate for the mortgage term.

The Scarborough Building Society mortgage has a lower interest rate and a lower arrangement fee of £295, compared to The Mortgage Express at £325. But it does not have as many flexible features and incentives as The Mortage Express product.

The flexibility of The Mortgage Express mortgage is greater because it allows lump sum withdrawals whereas the Scarborough Buildign Society product does not.

The Scarborough Building Society mortgage does not charge a mortgage indemnity premium on loans up to 90 per cent, which is a standard feature but borrowers with loans above 90 per cent loan are charged 8.9 per cent. In comparison, the Mortgage Express product does not make a charge at all.

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