Mortgage pay-off lump sums rise

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BORROWERS with Abbey National who want to pay lump sums off their mortgages must now pay a minimum of pounds 1,000, an increase from pounds 100. Meanwhile, some Abbey borrowers face increases in the cost of buildings insurance by up to 14.5 per cent from next month. Others will see reductions of up to 20 per cent. This follows a review of rates for different parts of the country. Basic buildings cover now ranges from pounds 1.80 per pounds 1,000 of rebuilding costs to pounds 3.65 per pounds 1,000. The top premium has come down from pounds 4.

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