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L&G Mortgage Club fixes loan at 3.99%

Legal & General&#39s Mortgage Club is offering a two-year fixed-rate loan set

at 3.99 per cent, which it claims is currently the lowest in the market.

The loan is fixed until June 1, 2002 and is available up to 90 per cent

loan to value. There is a pledge that the rate is guaranteed to be no more

than 1.99 per cent above the Bank of England base rate during the early

repayment charge period after the fixed rate ends.

Borrowers can repay up to 15 per cent of the ori- ginal balance in each

calendar year with no early repayment charge. There is also a cashback of

£500.

L&G&#39s mortgage adviser and estate-agency network totals around 1,500.

Membership of its Mortgage Club includes about 2,000 independents.

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