residential mortgages. Bermuda Home president Arthur Haycock said the reduction reflected the recent lowering of the base landing rate by local banks, and competition in the local market.

The reduction, effective January 5, will apply to mortgages of up to twenty-year terms. Customers with mortgages granted by Bermuda Mortgage & Finance and L.P. Gutteridge Mortgage & Finance will be contacted about the rate reductions.

"The terms and conditions of these mortgages does not give us the same flexibility as the newer Bermuda Home mortgage,'' Mr. Haycock stated in a Press release.

Savings and call deposit accounts rates were reduced by 0.25 percentage points on January 1.

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