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Private Label fixes loan at 5.99% for two years

Mortgage packager Private Label has responded to lenders&#39 concerns about

possible interest rate rises by offering a two-year penalty-free fixed-rate

loan.

Its 5.99 per cent fixed rate, set until September 2002, undercuts current

variable rates by almost 2 per cent. There are no redemption charges and

borrowers can opt to transfer into a new guaranteed fixed rate at the end

of the fixed period.

Marketing director Tony Fisher says: &#39This is a win-win situation for

borrowers. The rate is well below variable rates as they stand today,

providing immediate cost savings, and, as it is fixed, borrowers are

protected from further rate rises.”

The loan is exclusively funded for Private Label by HMSL. It is available

up to 95 per cent loan to value for purchases or remortgages.

There is no mortgage indemnity charge and no compulsory insurances.

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