New Mortgage Guides

Other Mortgage Guides

Mortgage Types

Mortgage Tools

Mortgage lenders' gifts questioned in remortgage price war
Fri, 30 Sep 2005
A new mortgage, which offers a computer to attract mortgage borrowers, has come under questioning by financial experts Moneyfacts.

Scarborough Building Society has announced that it will give an Apple iMac G5 computer to anyone who takes out its fixed mortgage rate or tracker mortgage rate products.

The computer is worth over £2,000. The mortgage lender's fixed mortgage rate is set at 5.29 per cent.

But the mortgage adviser points out that the mortgage rates offered are not competitive and that customers could save the equivalent amount if they find a remortgage or mortgage that is cheaper.

Britannia Building Society has a fixed mortgage rate of 4.39 per cent. Over a five-year term, mortgage holders would pay £3366 less in mortgage repayments .

Rachel McKay from Moneyfacts said the saving would allow them to buy the Apple iMac computer package and still have money left over. Alternatively, she said, they could use their savings on "whatever they wanted".

But for those who need a computer now, Ms McKay suggested that the mortgage could be a good deal if they do not want to pay out of their own money or take a personal loan .

Scarborough is the latest mortgage lender to join the remortgage price war, with some banks and building societies lowering their remortgageg rates to below that of the Bank of England's own.

Link to this page

Copy and Paste the following HTML into your page.

Mortgage lenders

Browse mortgage lender offersMortgage Rates by Lender

  • Browse current mortgage offers from over 90 lenders.
Browse

Worried about mortgage repayments?Worried about Mortgage Repayments?

  • Join our petition to Government to bail out burdened individuals, not just banks.
Sign the petition

Free mortgage quoteFree Mortgage Quote

Apply Here

Mortgages in Scotland Mortgages in Scotland

Read More

Equity releaseEquity Release

  • Unlock equity in your home.
Apply Here

Switching mortgagesSwitching Mortgages

Read More

Home reversion plansHome Reversion Plans

Apply Here

Commercial mortgages Commercial Mortgages

  • Commercial property loans
  • Starting a business?
Apply Here

Arrears & CCJs?

  • Remortgages
  • Sub prime mortgages
  • Arrears, CCJs
  • Self certification
  • Debt consolidation
Apply Now

Protect your mortgageProtect Your Mortgage

  • 3 months free mortgage protection cover
Apply Now

Mortgage Newsletter