Scottish Life Home Loans is launching an exclusive discount mortgage deal with Portman Building Society.
The deal hopes to attract customers uncertain about interest rate fluctuations.
The package offers 5.85 per cent until May 2004 with an option to switch to a fixed rate during the five year period. The product offers a refund of valuation fee, no mortgage indemnity guarantee to 90 per cent loan to value.
The borrower can repay 25 per cent of the capital free of charge during the first five years. There is an introducer fee of £250.