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.”