Scarborough Building Society launches mortgage incentive

03 October 2005
Scarborough building society has launched a new mortgage incentive this week - a free laptop worth £2,600 for borrowers taking out their mortgage plan.

The mortgage lender is offering an Apple iMac G5 computer package to buyers when they take out the fixed rate product which has a rate of 5.29 per cent until the end of November 2010.

It offers a tracker rate of 5.29 per cent until November 2006 and then a variable rate of 5.44 per cent until the end of November 2010.

At the above interest rate, customers borrowing £100,000 over 25 years at the new rate would have initial monthly payments of £601.

A spokesperson from financial website Moneyfacts.co.uk, said of the new offer: "Whilst it is always good for competition in the market to see mortgage providers trying innovative product launches, this example shows that consumers could save themselves £3366, which would allow them to buy the Apple iMac computer package and still have money left over, or alternatively spend the money on whatever they wanted."

This is not the first time that Scarborough Building Society has offered mortgage incentives to customers.

The Flexible Plasma Fixed Mortgage launched in January of this year offered a free 42 inch Sony Wega Plasma TV to borrowers.

Customers also had a choice of a flexible base rate tracker or flexible five-year fixed rate

Scarborough Building Society won the Moneyfacts financial provider award for Best Variable Rate Mortgage Provider in 2004.


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