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Remortgage only for Mortgage Business

The Mortgage Business has introduced a limited offer remortgage package aimed at self-employed and self-certification borrowers.

Research conducted by MORI on behalf of the Council for Mortgage Lenders between July and September 2000 shows that 43 per cent of borrowers had made changes to their mortgage arrangements, such as remortgaging.

The one per cent base rate tracker mortgage is available only until the end of February 2001. It is suitable for borrowers who want to raise money for home improvements, consolidate Christmas debts or move from an existing mortgage to a better interest rate, without providing proof of income.

The mortgage is available for loans up to 85 per cent of valuation to £300,000 or 80 per cent to £500,000. The interest rate is one per cent above the Bank of England base rate until March 1, 2003. It will then remain at 1.49 per cent above the base rate for the life of the loan.

Borrowers who redeem in the first three years must pay four months&#39 interest in the first year, three months&#39 interest in the second year and two months&#39 interest in the third year.

This extended tie-in is the main drawback of the mortgage, but the interest rate is reasonable for the self-certification market.

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