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Marsden fixes new mortgage

Marsden Building Society has brought in the 6.15 per cent fixed rate mortgage.

Aimed at first time homebuyers and people who are looking to remortgage, the product is fixed for five years at a rate of 6.15 per cent for loans of up to 90 per cent of valuation.

Following the fixed rate period the mortgage will revert to the company’s standard variable rate, which is currently 7.5 per cent. There are no extended redemption penalties.

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

According to Moneyfacts the cheapest fixed rate five year mortgage on the market on December 1, 2000 is the 5.85 per cent fixed rate mortgage from Bristol & West Building Society which has a fixed rate of 5.85 per cent and does not have any redemption penalties.

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