Bank of Scotland makes winter a little warmer with £500 towards heating costs
07 October 2014
Bank of Scotland is offering First Time Buyers £500 towards their heating costs when they take out a qualifying mortgage product before 17th November 2014.
The 'Big Six' energy suppliers increased their gas and electricity prices by on average 36% between October 2010 and November 2013, yet earnings rose by only 4.4% in that time1. The average annual dual-fuel bill (covering gas and electricity) is now around £1,264 per household and, other than the mortgage / rent or council tax, is one of the largest regular bills that households have to account for2.
Available to eligible first time buyers who apply for a qualifying FTB mortgage product3 between 7th October and 17th November, £500 will be paid on completion to the solicitor / conveyancer, allowing customers some flexibility on how they use it. The offer doesn’t have to go towards the annual heating bill, customers can even put it towards upgrading the heating system in their first home.
Customers who have or open a Bank of Scotland current account will also receive £150 cashback, payable to the customer’s conveyancer on completion.
Nicola Noble, Mortgage and Bancassurance Director at Bank of Scotland, said,"As winter draws nearer and the nights get colder, First Time Buyers might be a little concerned about how they will afford to keep their house warm. Our new mortgage offer will hopefully give them some peace of mind, whether they put the £500 towards their annual heating bill, or decide to upgrade the heating system to something more economical which will save them money in the long run.”