Standard Life Bank cuts mortgage rates

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Standard Life Bank cuts mortgage rates

All three, five and ten-year fixed-rate residential mortgage rates under Standard Life Bank have been cut.

There are also reductions on the Freestyle Term Tracker mortgage products.

The new residential rates include a three-year deal at 5.95 per cent for up to 50 per cent loan to value, fixed until October 24th 2011.

In addition, Term Tracker rates now start from 6.50 per cent for up to 75 per cent loan to value.

The new rates, available from today, are subject to availability and for a limited time only.

In related news, the Mortgage Works has said it is unsurprised by the recent decision of the Bank of England monetary policy committee to hold the base rate.

A spokesperson said that the continuing rise of inflation would "curb the bank's enthusiasm for a rate cut to stimulate the economy".

But the spokesperson also said the money markets are lowering their predictions of base rate values, citing the 30 basis point drop in two-year swap rates in the last month.

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