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Mercantile cuts variable base rate to 7.95 per cent

Mercantile Building Society is cutting its variable base rate mortgage to 7.95 per cent and introducing a 5.99 per cent fixed-rate mortgage.


The 5.99 per cent rate is fixed until April 2 2002, has no valuation fee, a £250 contribution to legal expenses on completion, 12 months free unemployment cover, loans up to 90 per cent of value and a booking fee of £245.


Director and chief executive Gordon Robinson says: &#34The MPC&#39s decision to cut interest rates should provide a boost to an otherwise stagnant housing market and the fixed-rate allows home buyers an immediate opportunity to take full advantage of lower market rates.&#34

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