Bank Of Scotland Improves Offshore Mortgage Terms

by Carla Johnson, Investors Offshore.com

25 September 2006

Bank of Scotland, based in the Isle of Man and Jersey, has improved the terms of its 'Buy To Let' and 'Fixed Rate' mortgages.

Says the bank: 'With discussions over market and rate uncertainty currently taking centre stage in the UK, many offshore investors are looking for a lead when contemplating investing in property. Making the right choice of mortgage can make a real difference, with lending terms and a competitive rate critical to the purchase decision.'

Ranald Caldwell, Head of Lending, Bank of Scotland International comments, “Constantly reviewing not only the mortgage rates we offer, but also the lending terms , allows us to ensure that what we offer to our offshore customers is tailor made to help them with such an important borrowing decision. We have just made revisions to the rates on our Buy to Let Term Tracker mortgage and Fixed Rate mortgage, as well as changes to the early repayment charges, which are designed to make our products amongst the most competitive available.”

Bank of Scotland International Buy to Let Term Tracker mortgage now has a much reduced early repayment charge from 12 months’ interest to 3 months’ interest if the mortgage is repaid in the first 2 years. The initial product fee now payable is £999.

With its Fixed Rate mortgage, Bank of Scotland International has introduced a new interest rate structure depending upon the deposit the client wishes to pay, giving customers more flexibility and choice. They have also reduced the early repayment charge from 12 months’ interest to 6 months’ interest. The initial product fee now payable is now £999.

Ranald Caldwell, Head of Lending, Bank of Scotland International continues, “By adding an extra level of deposit flexibility to our Fixed Rate mortgage we are able to give our customers more choice. Now customers with a 40% or more deposit can have a fixed rate of 5.49%, those with a deposit of 25% - 40% can have a fixed rate of 5.59% and finally those with a deposit of between 20% and 25% can have a fixed rate of 5.79%. In addition, by reducing the early repayment charges on both mortgages, we are also making it easier and more attractive for customers to redeem their mortgage earlier – a facility that many offshore customers will find advantageous, particularly if they receive generous bonuses at the end of the calendar year.”

Bank of Scotland International offers a comprehensive range of banking and savings solutions worldwide from its offices in Jersey and Isle of Man. Bank of Scotland International provides financial support to expatriates, international clients and the UK, Isle of Man and Channel Island communities, ranging from the simplest savings account in different currencies to longer term investment. The Bank also offers a specialist offshore mortgage service and an independent financial planning service.

Bank of Scotland International is part of HBOS group, which enjoys a Standard & Poor’s long-term AA credit rating and Moody’s Aa2 long-term credit rating.

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