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C&G launches Euro-mortgage

Mortgage lenders in the UK are gearing up for the introduction of the Euro despite the uncertainty surrounding Britain&#39s entry into the single European currency.


Cheltenham & Gloucester is developing a Euro-denominated mortgage which will be available in the second quarter of next year.


Alliance & Leicester already has such a product on the market.


Cheltenham & Gloucester press officer Emmy Smith says: &#34We have a number of policyholders who will be paid in Euros so we believe there will be a demand for a Euro mortgage. We will obviously adapt our plans should Britain join the single currency.&#34


Barclays and Bank of Scotland have no immediate plans to develop a Euro mortgage because they believe there will be very little demand.

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