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Private Label fixes at 4.99 until 2000

Private Label


FIXED RATE MORTGAGE


Type: Fixed rate mortgage offering the option to switch into a new two year fixed rate at the end of the term.


Fixed term: Until October 31, 2000.


Fixed rates: Up to 75 per cent of valuation – 4.99 per cent, up to 95 per cent of valuation – 5.39 per cent.


Minimum loan: Purchases – £20,000, remortgages – £25,000.


Maximum loan: Up to 95 per cent of valuation subject to a maximum of £300,000.


Income multiples: First time buyers – 3.25 times principal income plus second or 2.75 times joint, other borrowers up to 75 per cent of valuation – 3.75 times principal income plus second or three times joint, above 75 per cent of valuation – 3.3 times principal income plus second or 2.75 times joint.


Arrangement fee: £295.


Redemption fee: Nine months&#39 gross interest during fixed term reducing to six months&#39 up to October 2003.


Conditions: None.


Introducer&#39s fee: £165 payable to IFAs.


Tel: 0171 404 6966.

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