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Manchester cuts rate to 6.95 per cent

Manchester Building Society is reducing its lending rate to 6.95 per cent from 7.69 per cent with effect from 23 March 1999.


The rate for new borrowers will change at the start of March.


The lender&#39s Flexible Mortgage Plan offers an interest rate at a guaranteed margin from the base rate, which changes automatically 15 days after a base rate cut.


Chief Executive David Baron says: “All our mortgage borrowers will welcome another reduction in the bank base rate with our Flexible Mortgage customers being the first to feel the benefit.”

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