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Nottingham wanders in the flexible forest

Nottingham Building Society has introduced a flexible mortgage which has a 1.75 per cent discount in the first six months.

The mortgage has an initial payable rate of 4.40 per cent and is available for loans of up to 95 per cent of valuation. Borrowers can make underpayments and overpayments, take payment holidays and interest is calculated on a daily basis. It does not allow lump sum withdrawals to be made. Borrowers who already have a Nottingham mortgage also get a £200 cashback as a loyalty bonus.

Borrowers who redeem in the first 12 months must pay two per cent of the advance and must pay back any loyalty bonus they have received.

According to Moneyfacts on May 18, 2001, there are no direct comparisons to this mortgage but the closest competitor is from Intelligent Finance, which has an initial payable rate of 4.50 per cent. This mortgage is also available up to 95 per cent of valuation. Although its interest rate is 0.10 per cent higher than the Nottingham Building Society mortgage, borrowers get greater flexibility in that lump sum withdrawals and a current account facility are also available. There is no redemption penalty with Intelligent Finance, which is a plus.

However, some borrowers may not need the additional features of the Intelligent Finance mortgage, so the lower interest rate of the Nottingham Building Society mortgage could be more attractive to them.


West Bromwich Building Society – Three Year Fixed Rate Bond

Monday, 14 May 2001.Type: High interest account.Minimum-maximum investment: £1,000-£1m.Interest rates: 5 per cent gross a year until July 31, 2002, 5.5 per cent until July 31, 2003, 6 per cent until July 31, 2004.Term: Three years.Offer period: Until further notice.Withdrawal penalties: No withdrawals permitted during term.Tel: 0800 1695128.

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