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Aggressive loan push by B&W

Bristol & West is revampingits core range of mortgages in response to borrowers&#39 increasing sophistication.

It believes its mortgage fixed at 5.75 per cent until May 2001 will appeal to people who believe rates will increase this year before falling again.

For borrowers with smaller mortgages who believe rates have almost reached their peak, the company is offering a 2 per cent discounted loan with no redemption penalties which allows borrowers to make overpayments.

B&W says it has rethought its core range to cater for borrowers&#39 increasing understanding of rate movements and the demand for products which allow them to take advantage of rate changes.

The new range also features a one-year fixed loan at 4.89 per cent in an aggressive a bid to grab the attention of the market.

Group marketing manager for lending Dominic Toller says: “We have taken a deliberate decision to offer the best one-year fixed-rate mortgage in the market.

“We believe that interest rates will fall in the short term, peaking at 6.5 per cent in the late summer.

“The discount will then mean borrowers are even better off as they take advantage of the decrease in interest rates, which we believe will start to happen next year.”

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