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Manchester&#39s automatic rate cut kicks in

Manchester Building Society is reducing its interest rate by 0.25 per cent while borrowers of its flexible mortgage will see rates reduced by an fixed amount agreed when they secured the loan.


The flexible plan gives borrowers a guaranteed margin of between 0.5 per cent and 1 per cent above bank base rate for the mortgage term.


Any movement in bank base rate automatically alters the rate charged after 15 days.


Chief executive David Barron says: &#34The flexible mortgage was designed to follow the potential for UK money market rates to reduce in future years as a result of the introduction of the European Single Currency.&#34

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