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Mercantile launches lifetime mortgage

Mercantile Building Society is launching a mortgage with a discount for the life of the mortgage of 1.1 per cent off its base mortgage rate, currently 6.64 per cent.

The Mercantile Lifetime mortgage also pays a contribution towards valuation costs up to £200, it has no early repayment penalties and free unemployment insurance for the first 12 months. First time buyers also receive £250 towards purchase expenses.

Mercantile chief executive Gordon Robinson says: “I believe we are offering our long term clients an extremely competitive product, which is backed up with benefits and a service level that ensures personal attention through the life of the mortgage.”

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