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Mercantile offers reduced fixed rate mortgage

Mercantile Building Society has reduced its fixed rate on two of its mortgages, aimed at borrowers with at least a 25 per cent deposit.

Mercantile now offer a fixed rate of 5.99 per cent for periods lasting up to August 2003 or June 2005. Mercantile&#39s current variable base rate is 7.59 per cent. The mortgages have no extended tie in after the fixed rate period and include free unemployment insurance in the first year.

Mercantile chief executive Gordon Robinson says: “With the added benefits such as no tie ins the mortgages are bound to be popular.”

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