View more on these topics

Mercantile brings in 2.35 per cent discount

Mercantile Building Society has brought in the 2.35 per cent discount mortgage.



The mortgage offers a 2.35 per cent discount from the Mercantile&#39s standard variable rate, giving it a payable rate of 5.24 per cent for two years for loans up to 75 per cent of valuation. After this period the mortgage will revert to the standard variable rate.

There are no extended redemption charges and the mortgage has income multiples of 3.5 times principal income plus second or 2.75 times joint. This makes it higher than the industry norm of three times principal income plus second or 2.5 times joint.

According to Moneyfacts the cheapest two-year discounted mortgage on the market on October 13, 2000 is from the Woolwich, which has a payable rate of 4.25 per cent, and identical redemption penalties.

Recommended

EMXCo gets cash injection

EMXCo, the electronic marketplace for unit trusts, has raised emergency interim funds to keep it afloat until a second round of funding next year. A £1.2m interim cash injection has been provided by four of the 152 EMX shareholders, Fidelity, Investco, M&G and Threadneedle in return for an issue of convertible loan notes. EMX says […]

Britannic seizes on revival

Britannic Asset Management is capitalising on the recent investment trust revival with the introduction of the Britannic global income trust.The trust aims to deliver growth and a high level of income by investing in global equities and split capital ordinary shares.There are two share classes. The geared ordinary shares have a target yield of 8.75 […]

Goodfellows – Security First

Wednesday, 15th November 2000.Type: Accident, sickness and unemployment insurance.Maximum benefit: 65 per cent of gross earnings.Benefit payment term: 12 months.Deferred period: Minimum 30 days, maximum 60 days.Premium: £3.75 per £100 of cover.Commission: None.Tel: 020 7264 2012.

N&P slash fixed mortgage rates

Norwich & Peterborough is cutting the rates on its fixed rate mortgages from this week. For two year fixed rate mortgage schemes there is a new rate of 4.19 per cent, previously 4.64 per cent, at 90 per cent LTV, and a 4.34 per cent mortgage, previously 4.79 per cent at 95 per cent LTV. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment