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Yorkshire offering duo of fixed rates

Yorkshire Building Society has rolled out two new fixed-rate mortgages.

The first is fixed at 5.49 per cent until March 2003 up to a maximum of 75 per cent loan to value. The second is fixed at 5.99 per cent until March 2003 up to a maximum of 95 per cent LTV.

There is an application fee of £295 made up of a £75 non-refundable fee paid on application and £220 payable on completion.

After the fixed-rate period, the mortgages revert to Yorkshire&#39s standard variable rate, currently 7.29 per cent. This compares with the average bank base rate of 7.74 per cent, according to the society.

General manager (corporate affairs) Iain Cornish says: “Our new products give borrowers an excellent rate, providing them with the security of knowing their monthly payment when interest rates are uncertain.”

Yorkshire is also launching a fixed-rate savings bond offering a gross rate of 6.5 per cent a year until November 2001 on a minimum investment of £100.

Cornish says: “We realise there are many smaller savers who would like access to fixed-rate bonds but are usually prevented from doing so due to the requirement for a high minimum balance.”

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Cheltenham & Gloucester – Two-Year Fixed Rate Bond

Tuesday, 17th October 2000.Type: Instant access savings account.Minimim-maximum investment: £500-£3m.Interest rates: 6.5 per cent gross a year, 6.31 per cent gross a month.Term: Until September 30, 2002.Offer period: Until further notice.Withdrawal penalties: Loss of 120 days&#39 interest during term.Tel: 0800 717505.

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