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Exclusive Connections tracks on

Exclusive Connections has introduced a base-rate tracker mortgage that remains at 0.50 per cent for the first three years.

The mortgage is available for loans of up to 95 per cent of valuation and has a current payable rate of 5.50 per cent. After the first three years, the tracker rate increases to 1 per cent above the base rate for the mortgage term.

Borrowers who redeem this mortgage during the first three years must pay a penalty of 5 per cent of the sum repaid in years one and two and 4 per cent in year three.

According to Moneyfacts on August 4, 2001, there are no exact comparisons to this mortgage. However, Bank of Ireland Mortgages has a base-rate tracker that remains at 0.55 per cent above the base rate for the mortgage term and which also has an early redemption penalty in the first three years.

This mortgage is less competitive initially than Exclusive Connections as it has a current payable rate of 5.55 per cent, but its tracker rate becomes more competitive after the first three years.

Borrowers who redeem with Bank of Ireland Mortgages before September 9, 2004 must pay a flat penalty of 5 per cent of the sum repaid. This is higher than Exclusive Connections in the third year since it does not reduce.

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