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Exclusive Connections cap and discount

Exclusive Connections has introduced the exclusive capped rate mortgage.

Aimed at first time buyers and people looking to remortgage, the mortgage has a capped rate of 4.99 per cent for the first year of the mortgage. After this term it will have a discount of 1.25 per cent on the current standard variable rate for another year, giving it a payable rate of 6.49 per cent.

The mortgage is available for loans up to 95 per cent of valuation and has no compulsory insurances. Redemption penalties are five per cent of the amount repaid until December 31, 2002.

According to Moneyfacts the most competitive capped rate mortgage on December 20, 2000 is the capped rate mortgage from Bristol & West. This has a capped rate of 4.39 per cent for the first year of the mortgage for loans of up to 95 per cent of valuation, followed by a 1.75 per cent discount on the current standard variable rate for another year, giving it a payable rate of 5.99 per cent.

The Bristol & West mortgage also has redemption penalties of five per cent of the advance for the first two years of the mortgage, with no extended redemption penalties.

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