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Lenders ask for advice on collars

Nationwide and Halifax have sought legal advice to confirm that the collars on their trackers are enforceable.

The revelation came at the Sesame Symposium held last week in London. Nationwide and Halifax are reviewing their collar clauses ahead of the base rate decision this week.

Halifax has already hit its collar rate at 3% and if there is another cut Nationwide will implement its 2.75% collar.

Matthew Wyles, non-retail director at Nationwide, says: “The reason we have built in the collar is because we are primarily a retail-funded institution. It is a particular challenge with the model we have. Products with collars are still usually cheaper than remortgaging.”


Brown and Darling achieve a great Pyrrhic victory

Nationwide has today announced that from December 1 it will no longer allow any new borrowing by either existing or new customers on its Standard Variable Rate, which it calls Base Mortgage Rate.

The month at a glance

The above-mentioned statement by foreign secretary Miliband to recognise Chinese rule over Tibet destroyed at a stroke the Dalai Lama’s negotiating position and led to speculation that the UK decision was linked with Prime Minister Gordon Brown’s efforts to bring China into a new world economic order.

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Health Shield announces strong results

Health Shield, a corporate health cash plan provider, has announced that it has increased gross annual premium income to more than £25m in another year of strong organic growth.


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