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Mortgages plc launches stepped discounts

The lender will now offer borrowers a choice of discounts. Customers can select either a 14-month discount from the date of completion, or a 36-month rolling stepped discount which leaves them with no early repayment charge after the discount period ends. The discounts on the 14-month basis are up to 2%, and the stepped discounts are available with an initial discount up to 1.75%.

Peter Beaumont, sales and marketing director at Mortgages plc, says: &#34We have had these developments planned for some time, as we felt it was increasingly important to offer a varied approach. I&#39m sure the stepped discount products will be particularly popular, as they remove the overhang period that traditionally exists when the discount period lapses. We are working on a number of other product enhancements and expect to be making further announcement over the coming months.&#34

The revision to the discounts also compliments Mortgages plc&#39s free legal initiative available on all remortgage applications using Goldsmith Williams that are received by October 31 2004.

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