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Scottish Widows Launch New Offset Calculator

09 May 2017

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Scottish Widows new Offset Calculator is now live. 

The new calculator no longer relies on Silverlight, therefore it will work on any modern browser or smartphone.  When viewing on a device with a small screen, the calculator dynamically updates itself to make the best use of the screen space available.

This will make demonstrating the benefits of offsetting to your customers simple. 

Offsetting, available on their tracker products as well as their 2,3 and 5 year fixed rate mortgages is an option for more people than you might think;

  • Customers with disposable income and ability to save.
  • Self-employed with fluctuating income, or saving for a tax bill.
  • Customers with bonus income, high savings or those likely to come into money.
  • Entrepreneurs looking for flexible and fast access to capital for projects. 

With the current low interest rate on savings, show your customers how their money can work harder for them.  Does your customer already have a Scottish Widows Bank Mortgage?  Are they using the offset feature to their best advantage? 

Here is an example of how Offset could save your customers money:

If your customer was to remortgage £200k to Scottish Widows Bank today on their 5 Year Fixed rate product of 1.75% up to 50% LTV, paying a booking fee of £999, deposit a lump sum of £20k in their Offset Saver Account from completion, they could save £1,750.20 in their mortgage payments over the 5 year term - reducing their monthly payment by £29.17 per month. 

If their £20k savings was in an instant access bank account earning 0.25% interest pa, interest over the 5 years would only be £250. Depending on other investments, this could then be subject to tax. 

Take another look at our Offset page here.

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