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Middle of the road mortgage

Bank of Ireland Mortgages has come up with a flexible mortgage which it claims fits in with what the majority of customers really want.

BIM says it has adopted a “middle of the road” approach for the loan.

It has flexible features but the company claims it will not let homeowners borrow more than they can afford to pay back, eliminating the risk of being left with a debt at the end of the mortgage term.

The product allows overpayments to be paid by either lump sum or direct debit. The former has to be over £500 but the latter has no minimum requirement.

Underpayment and payment holidays can be taken for three months in any one year. Minimum sum which can be borrowed is £1,000 and any loan over £10,000 must be underwritten.

The mortgage has a 2 per cent discount until Feb-ruary 2002, after which it reverts to the lender&#39s standard variable rate, currently 7.75 per cent.

The maximum loan-to-value is 85 per cent and there is no redemption penalty. A spokesman says: “For driving from A to B, most people want something that they can afford but that has the features they need and will protect them from the elements when the going gets tough.

Our new flexible mortgage will do the same.”

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