Scottish Widows launches new mortgage

Scottish Widows Bank has launched a two-year tracker mortgage as part of the Legal and General Mortgage Club.

The product, which has a rate of 5.99 per cent - base plus 0.99 per cent - comes with a free offset facility and a £999 arrangement fee, which can be added to the loan.

It is available up to 75 per cent loan-to-value and remortgage borrowers will also benefit from a remortgage package or cashback.

Martyn Smith, head of mortgages at Legal and General, said: "This exclusive tracker mortgage will be an attractive option for any borrowers with some equity in their home and some funds set aside with which they can offset against the loan."

HSBC announced this week that it is to lower the rates and fees on its fixed-rate mortgages from the end of this month.

Standard two-year fixed-rate mortgages will fall 0.31 per cent and longer fixed-rate loans will fall by 0.16 per cent.

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