Scarborough mortgage 'competitive'

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Scarborough mortgage 'competitive'

Scarborough Building Society is offering relief from a number of recent interest rate hikes to consumers by providing a competitive fixed-rate mortgage.

The group is rolling out a new package tomorrow which will be offering an interest repayment rate of 4.98 per cent – over 0.50 per cent less than the current base rate level.

Ensuring the same monthly repayments until July 2009, the package will revert to a rate 1.49 per cent above the base rate subsequently.

Providing a maximum loan-to-value rate of 95 per cent, the Scarborough mortgage allows capital repayments of up to 20 per cent each year, as well as underpayments and payment holidays.

An arrangement fee of £1,495 can be added to the loan on completion, while early repayment charges also apply to the deal.

Tony Burdin, head of group marketing, said that the package would offer peace of mind to consumers for a fixed period and speculated that "rates will have started to stabilise again" after that period.

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