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Scottish Building Society hikes lending rate

Scottish Building Society is hiking its mortgage rate for new and existing borrowers.


The increase of 0.2 per cent comes into effect from October 4.


The society also announced it has withdrawn its two and three year fixed and capped rates.


These rates have been replaced by a two year fix at 5.75 per cent up to 90 per cent loan to value. The loan has a 5 per cent early repayment fee if redeemed in the first four years.


There is a three year fixed rate at 6.25 per cent up and three year capped rate at 6.5 per cent, both to 90 per cent LTV and with early redemption penalties of 5 per cent in the first five years.


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