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Mortgages Plc enhances rolling and stepped discounts on all products

Mortgages plc, the specialist non-conforming lender, is announcing strategic product enhancements.

This includes a choice of stepped or rolling discounts available on all products:

Stepped – 3 year stepped discount with initial discounts up to 2.25 per cent and no ERC or overhang period.
Rolling – 14 months from completion, discounts up to 2 per cent.

Free valuations are available on all stepped and rolling discount products until January 31 2005.

Mortgages plc was acquired by Merrill Lynch at the beginning of November 2004.

Mortgages plc sales & marketing director Peter Beaumont says: “Mortgages plc is determined to position itself as the UK’s leading non-conforming mortgage lender. We intend to achieve this goal by launching a series of enhancements to our product range. Our intermediary partners and existing borrowers are already seeing the benefit of our new corporate ownership.”


Example of initial disclosure document

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Recent estimates by the Building Societies’ Association suggest that the cost of mortgage regulation for lenders may reach 500m. However, little work seems yet to have been done on the similar likely costs for those parts of the industry that will have to comply with Icob from January next year.


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