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New packages will offer so much more than cheap mortgages

Date: Thu, 26 Jan 2006

Borrowers are increasingly moving towards offering homebuyers a range of packaged loans as part of cheap mortgage deals.

Direct Line recently launched a new package deal that combines a cheap UK mortgage with a discount on home insurance as a way of attracting those stepping or moving up the property ladder.

"It is usually good news for consumers when lenders try to be innovative or unique with their mortgage products," said Rachel McKay, mortgage analyst from comparison site moneyfacts.co.uk.

"In the past we have seen package options offering borrowers the opportunity to pick up plasma TVs, high-spec PCs and even a car," she added.

Often consumers are advised against choosing a mortgage with linked insurance but the trend towards cheap mortgage deals means that the freebies could now offer good value-for-money.


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