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Standard banks on summer loan attack

Standard Life Bank is to launch a major assault on the mortgage market in August, offering IFAs commission and undercutting rivals&#39 interest rates by up to 1 per cent.

The fledgling banking arm, set up at the start of this year, believes it can win a major slice of the market by offering mortgages with rates of between 0.5 per cent to 1 per cent lower than the big high-street lenders.

IFAs are expected to get an up front fee plus commission on completed applications. Commission is likely to be a percentage of the size of the mortgage.

Standard says it plans to offer borrowers a range of standard variable rate and fixed-rate mortgages. It may also provide a flexible mortgage facility, similar to that offered by Virgin Bank which allows borrowers to use their loan like a current account.

Standard Life Bank general manager Jim Spowart says: "The rates will be very competitive and at the low end of the scale, between 0.5 and 1 per cent less than most of the competition."

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