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NU offers range of flexible mortgages

Norwich Union has set up a range of flexible mortgages to replace its

residential mortgage products.

The new loans include three flexible mortgages with varying discount

options and a value tracker, which Nor wich Union says offers low interest

rates and complete transparency.

There are no lock-ins or tie-ins and all mortgages under £500,000 are fee-free.

Mortgage business development manager Ewan Edwards says flexible mortgages

are the way forward as borrowers are not penalised for paying off their

loans quickly, they can borrow money back and they can take payment

holidays for up to six months.

Discounted mortgages, however, may have early redemption fees applied if

the mortgage is repaid in full.

Edwards says: “Homebuyers have quite rightly had enough of the take it or

leave it approach to mortgages. Customers recognise mortgage providers have

not always offered the most equitable deals and it is no wonder the fully

flexible mortgage has shaken up the market.”

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