From 19 January 2004 it will be restructuring its mortgage range and will have one range of products available for those customers purchasing a home or moving house and another range for those remortgaging or taking further borrowing.
Cheltenham & Gloucester will also be introducing fee-free remortgaging on an ongoing basis, which includes waiver of £249 administration charge, free legals (or a £150 contribution toward legal costs), no valuation charge and no mortgage indemnity premium.
Customers moving home can now fix their mortgage between 4.74% and 5.69% - with two, three, five and seven-year deals available. C&G's capped-rate mortgage is capped at 5.24% for four years until 31 March 2008. Early repayment charges will be restricted to the length of the fixed and capped-rate periods.
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For those customers looking to remortgage they can fix their mortgage between 4.99% and 5.94% - with deals from two to seven years. A capped-rate mortgage is also available - capped at 5.49% for four years until 31 March 2008. Again, as before early repayment charges will be restricted to the length of the fixed and capped-rate periods.
C&G sales director, Nick Hale commented; "Our research has shown that our customers value fee-free and hassle-free mortgages very highly. In restructuring our mortgage product range we have tried to cater to both needs.
"We have re-priced our fixed-rate downwards and at the same time made an ongoing commitment to fee-free remortgages.
"C&G's mortgage product range remains competitively priced and the introduction of this differential aligns us more closely with other major lenders. Within an ever expanding market place our range provides attractive options whether you are moving home, remortgaging or simply borrowing a little extra for whatever reason."
