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L&G loan club axes flexible tracker fee

Legal & General&#39s mortgage club is offering a flexible self-certification

tracker mortgage which saves applicants £325 by waiving the standard

application fee.

The loan offers a range of flexible features, including overpayments,

underpayments and payment holidays and no red-emption charges at any time.

The interest rate tracks the base rate plus 0.98 per cent for the lifetime

of the mortgage, giving a current rate of 6.48 per cent, with interest

calculated daily.

The loan also offers a cre-dit drawdown facility to access funds for any

purpose. Homeowners agree their total borrowing requirements up to 75 per

cent loan to value, including the mortgage and credit facility. The credit

facility can be acc-essed at any time once the account has been running

satisfactorily for six months.

Monthly repayments will be recalculated at the time of the additional

borrowing to reflect the increase in total borrowing. Minimum withdrawal is

£500.

L&G has become Northern Rock&#39s sole provider for mortgage payment

protection insurance. From this week, all Northern Rock borrowers will be

offered L&G&#39s MPPI as part of the mortgage application process.

L&G insurance managing director John Castagno says: “These exclusive

arrange-ments are an endorsement of L&G&#39s competitive position in the key

mortgage-related area of the protection market.”

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Reforming India: just the beginning

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