MANN & Co has announced another discount mortgage - targeted at first-time buyers - as their latest "big deal" for the autumn.

Available through Mann & Co's associated company, Countrywide Assured Financial Services, it offers customers an initial rate of 4.24 per cent until January 31, 2003, followed by a one per cent discount until January 31, 2004.

There are no early redemption charges after January 31, 2004 and no arrangement fees. The offer is available up to 95 per cent loan to value. According to Mann & Co, the product is designed to be attractive to customers buying a new home and those seeking a re-mortgage.

Michael Ansell, managing director, said: "With the experts predicting a further reduction in Bank of England base rates later this year, which, in turn, will reduce mortgage rates, this product offers outstanding value for money until January 2004. Unlike a number of lenders, this bank also understands how difficult it can be for some first time buyers to get on the property ladder."