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C&G borrowers pay 1p a month

Some 1,400 Cheltenham & Gloucester borrowers are paying just 1p a month on their mortgages as the Bank of England base rate continues to plummet towards zero.

Borrowers that took out C&G’s two-year tracker deal at 1.01% below base rate on an interest-only basis should be paying nothing. But as the lender’s computers are not geared up to deal with the zero rate, customers are being charged a nominal rate of 0.001%.

A spokeswoman for the lender warns that borrowers should not get too comfortable.

She says: “We are advising customers to overpay if they can, to protect themselves against falling house prices and negative equity.”


Grub up

On the subject of food, it seems the diets above may soon be the only option. Latest statistics show a basket of some of the most popular brands of food now costs a third more than it did three years ago.

NfI celebrates successful year

Nationwide for Intermediaries is celebrating the first anniversary of its broker salesforce being launched.

OFT bans East Yorkshire estate agent

The OFT has issued a prohibition order against an East Yorkshire estate agent banning him from engaging in estate agency work.


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