Bank of Scotland launches new tracker mortgages

22 March 2006
Bank of Scotland has launched two new two-year tracker mortgages, offering a highly competitive deal for a limited period of time.

The deals offer starting interest rates of 3.99 per cent and 4.25 per cent, which will track Bank of England base rates at base rate -0.51 per cent and -0.25 per cent, respectively.

Both are available on loans of up to £2 million.

Charles Haresnape, managing director of Bank of Scotland Mortgages, explained: "Spring is the time when the housing market starts to gather pace, so at this time of year especially intermediaries need a range of competitive rates available to them.

"These new products will only be available for a limited period and are designed to allow brokers to maximise the current opportunities presented by the increase in home buying activity."

Official statistics showing that inflation rose to two per cent in February have led many who had been anticipating an imminent interest rate increased from the Bank of England's Monetary Policy Committee (MPC) to revise their opinions.

Howard Archer, chief UK economist at the Global Insight consultancy, commented: "the Bank of England currently seems unlikely to act before August".

To read more about mortgages, click here.

track© Adfero Ltd