Giraffe Three-Year Discount mortgage will be headline product

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Giraffe Three-Year Discount mortgage will be headline product

Thu 27th Apr 2006

A Giraffe Three-Year Discount mortgage has been launched today as the headline package of the new lender, which is the online arm of Bristol & West and part of the Bank of Ireland group.

The offer has a 4.25 per cent variable rate, at a 2.34 per cent discount off the lender's standard variable rate of 6.59 per cent until May 31st 2009.

Available at a maximum of 95 per cent loan-to-value, the product has early repayment charges of three per cent of any sum repaid in the opening offer period, as well as a part repayment administration fee of £50 and a full discharge fee of £195.

"Giraffe is all about meeting certain customer's needs and making their mortgage selection as simple as possible," said Alison Pallett, head of consumer lending for Bank of Ireland UK Financial Services.

"There are a growing number of people who are financially literate individuals capable of making their own choice, without the need for advice. Giraffe has been designed to meet the needs of those individuals."

The Giraffe Three-Year Discount mortgage has a minimum loan size of £15,001 for regular purchases and £25,001 for remortgages.

A maximum loan size of £1 million is permitted on the mortgage, which has an overall cost for comparison of 6.3 per cent annual percentage rate.