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Manchester gets the four-year discount itch

Manchester Building Society has brought in a four-year discount mortgage.

The mortgage has a discount of 1.2 per cent for the first four years of the loan, giving it a payable rate of 5.8 per cent for loans of up to 90 per cent of valuation. Employed applicants must have been at their present job for at least six months, while self-employed applicants must be able to provide two years&#39 worth of accounts.

Manchester provides free valuation fees if its internal valuers are used, along with up to £200 towards any legal costs for people who are looking to remortgage. The mortgage has an extended redemption penalty of three months’ interest during the first five years of the loan.

The Bank of England has cut rates steadily throughout 2001 in order to fend off a recession and as a result the housing market has remained buoyant. Figures published by the Council of Mortgage Lenders show that total gross mortgage lending went up from £13.6bn in May 2001 to £15bn in June 2001.

According to Moneyfacts the most competitive four-year discount mortgage is from Bath Building Society. This has a 1.25 per cent discount for the first four years, giving it a payable rate of 5.45 per cent for loans of up to 90 per cent. Any valuation fees will be refunded. There is also a redemption penalty of three months’ interest during the first five years of the loan.

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