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Sun Bank launches discount flexible mortgage rates

Sun Bank is launching a new discounted rate on its flexible mortgages. Borrowers pay 5.49 per cent, a discount of 1.25 per cent until October 2001 from the variable rate, currently 6.74 per cent.

Special status flexible mortgages, for the self-employed, are discounted for the same period by 0.5 per cent to 7.44 per cent from 7.94 per cent. Neither product carries a penalty for early redemption.

Sun Bank managing director Chris Cummings says: “Our approach is in response to the evolving lifestyles and careers of many people today. We are seeing more people for example working as consultants, or on short-term contracts.”

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