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C&G cuts rates

Cheltenham & Gloucester says it is trying to ease consumer fears about recession by dropping its variable mortgage base rate to 8.2 per cent.


Following the Bank of England&#39s base rate decrease last week C&G&#39s new rate will be effective from November 10 for new applicants and December 1 for established borrowers.


Managing director Roger Burden says: &#34Many of our borrowers have a real fear of recession. The MPC&#39s move is a second step in the right in the direction and will go some way to restoring all homeowners&#39 confidence.&#34

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