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Private Label 5-year loan set at 6.55%

Private Label Mortgage Services is offering a five-year fixed-rate mortgage at 6.55 per cent for up to 75 per cent loan to value.

The redemption charge of 5 per cent decreases annually by one percentage point until after the fifth year when there is nothing to pay.

Private Label believes that clients will find the product attractive compared with other long-term fixed rates which lock in borrowers with redemption penalties that last longer than the fix.

Chairman Stephen Knight says: "If rates fall more sharply than currently anticipated or if borrowers just change their minds, they can exit our product for little or no charge.

"In the meantime, clients can enjoy the protection of one of the best long-term fixed rates currently available."

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