Bank of Scotland offers a range of flexible mortgages to suite a variety of circumstances. Interest rates and annual percentage rates vary, so contact your mortgage broker for details of the Bank of Scotland flexible mortgage rates.
The Bank of Scotland flexible mortgage product offers customers an additional drawdown facility of 5 per cent of the loan amount.
This can be a useful sum to spend on home furnishings, renovations or another major expense that might have been beyond the budget. This credit facility is granted automatically on completion of the mortgage, and comes with a chequebook that allows borrowers to take advantage of this facility at any time without the need for further application.
Another feature of the Bank of Scotland flexible mortgage is an overpayment facility which would suit anyone who receives income from bonuses or whose earnings fluctuate. With interest calculated daily, the outstanding interest bearing balance is reduced immediately. The minimum overpayment level is £500. Overpayments can also be borrowed back without the need to make another application.
The Bank of Scotland flexible mortgage also permits underpayments and payment holidays of up to 6 months' mortgage payments each year, so those with seasonal income can really benefit from this flexibility. The Bank of Scotland flexible mortgage is available to standard mortgage customers, as well as high net worth and self certification customers. The bank says that the Bank of Scotland flexible mortgage offers true flexibility for a wide range of circumstances*. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
Bank of Scotland most flexible mortgage is known as their "personal choice" mortgage which allows borrowers access to their equity via a cheque book that can be used at any time. This Bank of Scotland deal is often favoured by the self emplyed and investors as cash/equity can be used and paid back very easily.
Rates for this deal are currently 0.74% above the Bank of England Base Rate on a tracker deal for the life time of the mortgage. Self cert applicants are also welcomed by the Bank of Scotland. There is an arrangement fee of £989 which can be added to the home loan. A valuation fee will be payable and the size of this fee will depend on the value of the property. The APR on this deal currently stands at 6.6%.
Cheque book facility
Better availability through brokers than direct
Very easy to use
