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Savills Private Finance launches 2 year-capped rate mortgage

Savills Private Finance is launching a 2 year-capped mortgage at 3.1 per cent.


The mortgage broker says it is aiming to offer rates at European levels for two years while UK interest rates drop to meet European convergence criteria.


It says at the end of the fix borrowers will revert to the standard variable rate which it believes will be as low as other European countries by 2001.


The Eurobeater has a maximum ltv of 95 per cent and a redemption penalty of 7 months interest at the standard variable rate until March 1 2004.


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