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Manchester introduces new capped rate mortgage

Manchester Building Society is introducing a capped rate mortgage with an interest rate of 6.74 per cent until December 2002.


The Capped Rate Mortgage Scheme will have a minimum loan of £50,000 and an arrangement fee of £295.


Chief executive David Barron says: &#34Unlike the majority of schemes available from other lenders which have redemption periods of six or seven years, the redemption penalty on our scheme matches the period of the capped rate.&#34

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