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Marsden brings in 6.35 per cent fixed rate

Marsden Building Society has brought in the five-year fixed rate mortgage.

The mortgage has a fixed rate of 6.35 per cent for the first five years of the mortgage for loans up to 90 per cent of valuation and is available to both homebuyers and people wishing to remortgage without moving home.

Following the fixed rate period, the mortgage will revert to the company&#39s standard variable rate, which is currently 7.5 per cent, and the redemption penalty does not extend beyond the fixed rate period .

The mortgage offers few features that make it stand out from the rest of the market, although it does have a reasonably competitive interest rate when compared to the rest of the market.

According to Moneyfacts the cheapest fixed rate mortgage on the market on November 16, 2000 is from Portman Building Society, which has a fixed rate of 5.99 per cent and identical redemption over the same time period.

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