Standard Life Bank Freestyle Five-Year Fixed-Rate mortgage altered

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Standard Life Bank Freestyle Five-Year Fixed-Rate mortgage altered

The Standard Life Bank Freestyle Five-Year Fixed-Rate mortgage has had its rate reduced today.

Products taken at up to 75 per cent loan-to-value will now have a rate of 4.89 per cent until August 11th 2011, reverting to a variable rate of 5.95 per cent, with an overall cost for comparison of 5.8 per cent APR.

For packages between 75.01 and 90 per cent LTV a rate of 5.09 per cent has been set, again reverting to a variable rate of 5.95 per cent with a cost for comparison of 5.9 per cent.

Customers who take up a mortgage at between 90.01 and 95 per cent LTV will pay an interest rate of 5.29 per cent, reverting to 6.15 per cent with a cost for comparison of 6.1 per cent.

All of the Standard Life Bank Freestyle Five-Year Fixed-Rate mortgage options have a booking fee of £599 and include overpayment options of up to ten per cent per year.

Customers also have the option to upgrade their package to include a freestyle cash reserve at £99, although this is only available at up to 90 per cent LTV and each drawdown will have an administration fee of £20.