Standard Life Bank is launching a new two-year and six-month variable rate mortgages to its freestyle range, and a new three-year fixed rate mortgage.
The bank believes the new products will offer nervous buyers extra flexibility given the recent scrutiny of the housing market, and fears over rising interest rates and the impact of the General Election.
The new flexible products offer facilities such as offsetting their savings, and overpayments to personalise the mortgage as required, meeting a changing lifestyle.
Standard Life Bank director of sales and marketing David Macmillan says: With first-time buyers in mind, we have added the option for customers to add their mortgage fees to their loan, reducing the need to pay out additional cash at an expensive time. The fees can be paid back over a minimum three-year term to the duration of the mortgage term.