Term can be lengthened by up to 12 months, while those with P&I repayments can switch to interest only
Individual organisations better placed to acquaint customers with new system rather than a general campaign, group says
The change goes live on 1 May ahead of the pending Best Interest Duty legislation due later this year
One makes reductions of up to 0.60% while the other breaks industry-wide trend and increases its lowest offer
Certain market segment has been overlooked as financial support is offered to everyone else, claims group CEO
While banks have always used the technique, the difference is offers are now appearing on loans with competitive rates
Lenders are taking weeks to finalise discharge documents in effort to cushion their monthly bottom line
Group's strategy has remain unchanged and been met with a "warm welcome" from the industry
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