Scarborough Building Society announce new rates

Following their decision to remove all existing rates earlier this week, the Scarborough Building Society have today announced new rates available from Friday 13th June.

The residential range now consists of a five year fixed rates from 6.59%, two year tracker rates from 6.39% and a tracker for the term of the mortgage with rates from 7.04%. The best of these rates is reserved for those borrowing 70% of less of the value of the property, but the range extends to those wishing to borrow 85% of the property value, or 90% for existing members. For all products, there is a choice of paying an arrangement fee of £995, or choosing a higher rate of interest with no arrangement fee and a £250 cash back. Remortgages will also benefit from a free legal work package.

For Buy to Let, Student Buy to Let and Holiday Buy to Let, the range now consists of a three year tracker. For standard buy to let the rate is 7.04% which is increased to 7.39% for student buy to let, with a further increase to 7.69% for holiday buy to let. Each scheme is available up to 65% of the value of the property and features a completion fee of 2.5% of the loan.

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