My mortgage broker called me earlier and told me that my mortgage with the Bank of Scotland has been approved. I was originally told that because the Loan to Value was less than 75 % the rate was 1% above ECB as in 3.5% + 1= 4.5%, but for the first 2 years this was discounted by 0.55% so the rate for the first 2 years was 3.95% (and a slightly higher rate if the Loan to value is over 75%). This my mortgage broker told me has changed. The discounts for new mortgages seem to have gone and for switcher mortgages the discount is 0.9% but for only 1 year. The link to the B of S new rates is below.
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