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Scot Wids Bank reduces home equity loan rate

Scottish Widows Bank has reduced the interest rate on its home equity loan to 7.75 per cent from 8.19 per cent.

It says it has made this cut by employing market-leading treasury techniques which allow home owners over 60 to release capital tied up in their home.

The interest rate is fixed for the full period of the loan and borrowers have the option of paying the interest or allowing it to roll-up against the value of the property.

Scottish Widows Bank managing director Rob Golbourn says: “We have been working with the Treasury and Group Balance Sheet Management at Lloyds TSB to develop this highly innovative risk-management technique.”

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