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Mercantile launches new capped rate mortgage

Mercantile Building Society is launching a new mortgage capped until May 2002.


The interest rate will be capped at 6.39 per cent for those paying a 25 per cent deposit and 6.59 per cent for those paying the minimum 5 per cent deposit.


The scheme offers free unemployment insurance for 12 months and any high risk charge is paid by the society up to a maximum of 90 per cent of valuation.


It has a booking fee of £245 and a procuration fee of £150.

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