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Article: New Product - Scottish Widows.(Scottish Widows Bank.)(Brief Article)
- Article from:
- Financial Advisor
- Article date:
- June 23, 2005
CopyrightCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SCOTTISH Widows Bank is allowing variable-rate mortgage customers to use their savings to reduce the amount of interest they pay.
From this week, customers who apply for a part-fixed, part-variable loan on its professional and flexible mortgages range will be able to offset their savings against the variable portion of their mortgage.
The offsetting facility is also available for part-interest only, part-repayment mortgages.
Gordon Bowden, business development director of Scottish Widows Bank, claimed the enhancement gave the best selection of options possible in the offset arena.
He said: "Offsetting is an opportunity for customers to ...