West Bromwich Building Society has launched a two-year discount-rate mortgage.
The discount applies until June 30, 2001 and offers 3.5 per cent off the society's current standard variable rate of 6.7 per cent, for loans up to 85 per cent loan to value.
There is a £295 arrangement fee and compulsory buildings insurance is required.
The redemption penalty is 5 per cent of the loan for five years.
The society is also offering free loan protection insurance and free mortgage indemnity guarantee insurance.