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Standard Life Bank caps the market for a quarter of a century

Standard Life Bank has introduced the third tranche of funds for its 25-year capped rate mortgage, Futureperfect.

Futureperfect has been capped at 6.59 per cent for loans of up to 90 per cent of valuation for the life of the mortgage. Whenever Standard Life Bank’s standard variable rate falls below the capped rate, Futureperfect will track it downwards, but should it go up it cannot rise higher than the capped rate.

Standard Life bank has targeted the mortgage for homeowners who do not want to be worried by how much their mortgage payments are, and who want to budget by making sure that they never pay more than the capped rate amount.

This is a unique product as, according to Moneyfacts on February 1, 2001, there are no other 25-year capped-rate mortgages on the market. However the early redemption charges are quite steep. If the borrower redeems in the first year the charges are to ten months’ gross interest, falling to eight months in the second year, seven in the third, six in the fourth and five in the fifth.

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