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Northern Rock launches flexible rate tracker

Northern Rock has introduced a five year discounted base rate tracker to complement its existing mortgage range.

The new mortgage offers an initial variable discounted rate of 2.99 per cent for the first six months from the date of completion.

At the end of the initial discount period, the rate is guaranteed to be no more than 0.99 per cent above the Bank of England Base Rate, currently 4 per cent, until January 1 2008.

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