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C&G to hold mortgage base rate until the Millennium

Cheltenham & Gloucester has responded to the Bank of England&#39s base rate increase by announcing it will hold its rate until the end of the year.


C&G says it will hold its standard variable rate currently 6.85 per cent until December 31, when it will then rise by 0.14 per cent to 6.99 per cent.


This increase will not be passed on to the borrower should the Bank of England&#39s base rate were to fall back to 5 per cent.


But the decision to hold the rate is dependent upon any further rises in the Bank of England&#39s base rate. C&G says if a further increase occurs it will review the rate at that time.


C&G&#39s managing director Roger Burden says: &#34Our borrowers can be reassured by our decision to delay the interest rate increase.


&#34We pass on interest rate movements in a fair and balanced way so that our customers benefit over the whole term of their mortgage.&#34

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