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Three year fix for Principality

Principality has introduced a three year fixed rate mortgage at 6.24 per cent until February 28, 2004.

It is available for loans of up to 95 per cent of valuation and remortgages up to 90 per cent.

Borrowers who redeem in the first three years must pay a penalty of three per cent of the amount repaid.

The interest rate is an attractive feature, but according to Moneyfacts on January 18, 2001, there are seven building societies offering three year fixed rates at 5.99 per cent. This is the cheapest rate available for mortgages of this type.

Derbyshire Building Society&#39s three year fixed rate mortgage has an interesrt rate of 5.99 per cent. Like the Principality mortgage, it is available for loans of up to 95 per cent and 90 per cent for remortgages and includes free valuation.

Borrowers who redeem during the fixed rate period must pay three per cent of the sum repaid in the firt year, two per cent in the second year and one per cent in the third year. This is lower than the Principality mortgage in years two and three, but first time buyers with Principality are spared the added expense of an arrangement fee.

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