Advantages: Good competitive rates, daily interest calculation Disadvantages: None
...this practice.
It is the new providers like The Standard Life Bank who are leading the way with products which are competitive and crucially fair to the borrower. Interest is credited and calculated daily so you get the benefit of any overpayments immediately. You can reduce your balance by overpaying at any time which for those with endowments who are facing a shortfall in their endowment performance can reduce the capital required to balance that deficit out. If the reverse happens and you wish to increase the amount you have borrowed and need to repay you can increase it subject to an agreed limit which is established based on your ability to pay and the value of your house less the amount borrowed.
On the flexible mortgage I have recently taken out with Standard Life Bank there was even a 6 month discount though I would have been...
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Ciao members have rated this review on average helpful
...Everyone is offering cheap this and that on mortgages. Not saying this is necessarily the best deal for everyone but its way way from the worst, especially if you want to transfer from an existing mortgage as I did.
What's on offer:
a) All transfer fees paid - legal, valuation etc. None of those booking fees either for the standard rate product.
b) interest charged daily
c) discount of 1.76% for the first six months. And standard rate of interest very competitive (currently 6.75%)
d) cash reserve so you can draw down more if you don't take the full whack at the outset - at no cost
e) switch between interst only and repayment at no cost
f) payment holidays possible - you will of course pay for these through extra interest but hey, can you find a lender who doesn't! And if you can, lets hear about it!!
There are...
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Ciao members have rated this review on average helpful
Advantages: Will lend to non UK residents Disadvantages: Large "exit fees" - not the lowest interest rate on the market
...My partner and I took out a mortgage with Standard Life when we purchased our house in 2004. We were limited in who we could chose since my partner was not UK resident but Standard Life did not mind this.
Shortly after taking out our mortgage we were offered the chance to change our mortgage to an offset mortgage meaning that we could reduce the amount of interest paid by linking our savings. They charged us £75 for this but in 20 months we saved over £3,000 in interest (over the life of the mortgage).
Standard Life have a great website so you can check your mortgage balance and offset amount and make online payments to the offset account. Their customer service staff are very helpful and always willing to explain anything that you don't understand!
The interest rate went up four times during our mortgage term and Standard...
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Ciao members have rated this review on average somewhat helpful
02.09.2001
10.03.2001
01.08.2006
