The bank closed it’s doors to new lending a few years ago as a result of the credit crunch and has a strategy to clear all existing lending within eight years.
They are encouraging redemptions (waiving penalties) and selling off loans to achieve their goal so they are definitely serious.
Their latest offering is a five year fixed rate at 4.09% to existing borrowers only. The deal is a bit sketchy and we don’t know yet whether the ERC’s will apply to these fixed rate deals or what the reversion rate will be at the end of year five.
Whilst the rate will appear attractive to many borrowers there is a catch. Continue reading Mortgage Express reveal 4.09% fixed rate deal for five years (existing borrowers only)