Scarborough Sets New Standards For Mortgage Choice & Flexibility

Press release published on 16 May 2006 by Scarborough Building Society

• All Products Available to New and Existing Customers
• 2 Year and Lifetime Tracker Rates from 4.69%
• ‘Switch to Fix’ Facility on Trackers
• 2, 5 and 10 Year Fixed Rates from 4.99%
• Credit Repair and Self-Certification Options Buy to Let, Holiday Let and Student Let Options
• Enhanced ‘Flexible’ Overpayment Thresholds
• Fee-assisted Options on All Products

These are just some of the highlights of Scarborough Building Society’s new core mortgage range, launching on Monday 22 May.

Aimed at offering something for everyone – including the increasing number of borrowers who no longer fit standard lending criteria – this announcement signals the culmination of a comprehensive overhaul of the Society’s core mortgage products, with a further announcement due later in the year in relation to the Scarborough Group’s specialist lending plans.

In its new core range, the Scarborough is setting new levels of flexibility by offering penalty-free overpayment options of up to 20% per annum on many products. Scarborough’s commitment to offering market leading flexibility is further evidenced by the facility to move from a Tracker to a core Fixed Rate at any time with no Early Repayment Charge.

Tony Burdin, Head of Group Marketing, comments: ‘We are proud of our new core mortgage range, which offers some of the most flexible options in the market.

‘It has been designed to give the customer maximum choice and flexibility, combined with great long-term value. In addition, the availability of Credit Repair options on most products provides customers with previous credit problems with access to a competitive choice of deals. Similarly, the growing number of self-employed and contract workers will benefit from the income Self-Certification options – available on most of the range up to 80% LTV.

He added: ‘This new set of products demonstrates our typical innovation and forward-thinking, while remaining true to our existing values, such as offering our core deals to new and existing customers and a long term fair deal after the initial product has expired.’

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