Scottish Widows  

Scottish Widows takes axe to remortgage fees

Scottish Widows takes axe to remortgage fees

Scottish Widows has cut fees by up to £500 on its remortgage range, including the option to offset.

Fees on the bank’s 2 and 5-year fixed rates have been reduced from £1,499 to £999, with rates as low as 1.29 per cent at 60 per cent loan-to-value. 

Selected products are available for both professional and flexible mortgages at the same rate, for a limited period only.

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Martin Fleming, managing director, Scottish Widows Bank, said: “Kicking off the year with our lowest ever remortgage rates set us off to a great start, but these changes announced today - as well as expanding our interest-only repayment options - really put us at the forefront of the market.

“Helping brokers continue to meet the needs of clients by offering the flexibility off offsetting built-in helps borrowers save money by remortgaging whilst maintaining a cash reserve - without having to choose between competitive rates and offset.”

Bob Riach, at Scunthorpe-based Riach Financial Advisers, commented: “It is good news. Often clients will take into account not just interest rates but the cost of the fees, so by cutting the product fee it should make them more attractive.”

simon.allin@ft.com