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Court challenge over lender rates

The discretion mortgage lenders have to set interest rates at will could be blown apart this week in a test case at the Court of Appeal.

A married couple are challenging the right of their lender, Paragon Mortgages, to refuse to lower their interest rate in line with cuts to the Bank of England base rate, despite not being locked in a special deal.

The three lord chief justices hearing the case are expected to announce their decision this week.

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