BoS (I) takes on big boys in mortgages

[SPDAY]

nk of Scotland (Ireland) today said it was taking on the
country's top mortgage lenders with promises of major savings for
switching to its new Switch & Save Mortgage package

The bank, which began rolling out its network of retail branches
earlier this month, said customers in Ireland could save up to
E2,900 over two years and E16,300 over the life of a mortgage if
they switch

The Switch & Save Mortgage is one of three packages launched today
by the bank available to new and existing customers - the others
being a First Time Buyer Mortgage and a Home Mover Mortgage

The bank claims discounted tracker rate in the market 2.70pc (APR
3.18pc) and one of the longest discount periods in the market at
two years

At the end of the discount period the mortgage reverts to a
tracker, not standard variable rate like other banks, it said

Following its discounted period, the mortgage rate will then track
the ECB rate (currently 2.25pc) by plus 1pc (currently 3.25pc, APR
3.18pc) for a loan to value of less than 75pc, and plus 1.25pc
(currently 3.50pc, APR 3.44pc) for loan to value of greater than
75pc