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The Money Store caps and fixes for credit impaired


Specialist lender The Money Store has launched one year fixed and capped rate mortgages for the credit impaired.


The loans are either fixed or capped at 6.75 per cent until August 2000 after which the rate will revert back to the three month Libor, currently 5.5 per cent, plus margins of 0.5 per cent above current variable rates.


There is a £295 arrangement fee which can be added to the loan on completion.


Redemption fees are five months&#39 interest in the first year, four months&#39 in year two, three months&#39 in year three and one month thereafter.


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