Standard Life Bank has introduced a second tranche of funds for its unique futureperfect mortgage.
Futureperfect is the only 25-year capped rate mortgage in Britain, as these products are more common in the USA. A repayment only mortgage, interest is calculated daily and the mortgage can be taken from property to property.
However, futureperfect must be paid off by the borrower's 67th birthday, so the oldest a borrower can be on taking it out is 42 years old. Also, the product is only available for a 25 year term, and not for shorter time periods.
Capping the mortgage to a maximum of 6.49 per cent makes this an extremely attractive product, coupled with the fact that interest is calculated daily, borrowers may be able to pay off their loans sooner than anticipated.