Property: Home loan update

FIRST ACTIVE, the telephone mortgage lender, is launching a current account mortgage with a 6.99 per cent rate capped for two years. The deal involves opening a current account with First Active, into which a borrowers' salary must be paid. All payments into the account are instantly credited against the outstanding capital. Withdrawals are permitted, within overpayment limits. Cheque book and credit card facilities are available. There are no redemption penalties. Call 0800 550551.

CHELTENHAM & Gloucester, the mortgage arm of Lloyds Bank, is launching a new range of fixed and capped-rate loans which include all legal work free for re-mortgage customers, if they use a C&G-nominated solicitor, or pounds 250 towards their costs if they do not. The deals available include a capped rate of 6.39 per cent until December 2002, with a six-year redemption penalty, or a fix of 6.59 per cent until December 2001, with a three-year redemption penalty. Details from any Lloyds Bank branch.

BRITANNIA Building Society is launching two five-year fixed rate deals, pegged at 6.59 on loans up to 75 per cent of a home's value. This mortgage has no redemption penalties beyond the fixed period. Alternatively, a lower-rate loan with a fix of 6.24 per cent, is available for those prepared to accept a redemption penalty extending two years beyond the original fixed period. The loans include 12 months' free unemployment cover, a pounds 250 cashback for existing Britannia members or first-time buyers who are immediate family of existing members. Call 0800 526350.

CHASE DE VERE, the mortgage broker, is offering two loans for buy-to- let landlords. One is a 6.75 per cent rate, fixed for 10 years, on minimum loans of pounds 75,000. The other is a five-year fix at the same rate. Mortgages are available on a loan-to-value of 80 per cent or less. Redemption penalties apply. A 1 per cent completion fee is levied on the loan. Call 0171 930 7242.