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Standard Life&#39s new mortgage shadows MPC cut

Standard Life Bank has matched the 0.25 per cent cut in base rates which came only two days after the launch of its &#39three-minute&#39 mortgage.


The variable rate has been cut to 6.55 per cent from 6.8 per cent and comes into effect on January 11.


The new Freestyle mortgage has done £140m of business in its first three days.


Standard Life Bank managing director Jim Spowart says: &#34We have always committed ourselves to a promise that our interest rates would remain the amongst the most competitive in the market.&#34


The bank claims to have taken 10,000 enquiries about the flexible mortgage in three days. They predict they will win a four per cent share of the UK mortgage market by the end of the year.

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