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Three year discount from Derbyshire

Derbyshire Building Society has introduced the three year discount mortgage.

The mortgage is aimed at first time buyers and people who are looking to remortgage their properties. It has a discount of 1.49 per cent from the societies standard variable rate for the first three years of the mortgage for loans of up to 95 per cent of valuation. This gives it a payable rate of 5.99 per cent.

Following the two year discount period the mortgage will revert to the Derbyshire’s standard variable rate, which is currently 7.45 per cent. There are no redemption charges and the mortgage comes with a £250 cashback facility.

The Derbyshire mortgage is reasonably competitive when compared to the other products available on the market. According to Moneyfacts on January 9, 2001, the cheapest three year discount mortgage for loans of up to 95 per cent of valuation is provided by Norwich & Peterborough Building Society. Its 5.89 per cent mortgage has a discount of 1.55 per cent, giving it a payable rate of 5.89 per cent. It also has no redemption fees.

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