Standard Life extends Freestyle Professional Mortgage range

Standard Life Bank is extending its popular Freestyle Professional Mortgage range, launching a new two-year fixed rate mortgage with the option of offsetting.

The flexible mortgage specialist is offering professionals from 16 different fields the opportunity to borrow up to 100 per cent of the property’s value or up to five times their salary at a fixed rate of 5.89% until 24/04/09, with the market’s lowest arrangement fee of just £299.

Professionals can also opt to activate an offsetting feature on their mortgage, when they apply, for a fee of £99.

Andrew Boddie, Head of Marketing, Standard Life Bank said: “Our research shows that for many young professionals in the UK, home ownership is a major priority. However for many, it is extremely difficult to save enough money to meet their mortgage commitments whilst at the same time living the lifestyle expectations demanded in their new roles.

“We’re committed to lending responsibly and believe that young professionals should not be turned away from the first step on to the property ladder just on the basis of their current salary. Our Professional Mortgage takes into account what people will earn in the future rather than looking at the present picture.

“In the last 12 months, we have seen a significant number of our younger mortgage customers taking advantage of the offsetting facility to make their money work harder3. We have now included the offsetting feature as an option for professionals so they can maximise their savings and potentially cut years off their mortgage term as their salaries increase on the way up the career ladder.”

Standard Life Bank offers its Freestyle Professional Mortgage to people working in the following occupations:

Chartered Accountants
Actuaries
Advocates (Scotland)
Architects
Barristers (England & Wales)
Chartered Surveyors
Dentists
GPs
Optometrists
Pharmacists
Pilots (registered with BALPA)
Solicitors
Teachers
University Lecturers
Veterinary Surgeons
Other professions considered on a case-by-case basis.

Standard Life Bank also offers a two-year discount and three-year fixed Freestyle Professional Mortgage.