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KFIs reveal true cost of borrowing, says Nationwide

Nationwide claims that consumers are able to make more informed decisions about choosing a mortgage since statutory regulation.

The regulations require lenders to produce a Key Facts Illustration to show the total amount of money payable over the full term of a mortgage.

Nationwide believes that looking at the true cost of a mortgage, as detailed in the KFIs, is a much more realistic way of comparing mortgages than simply looking at headline rates in the best buy tables.

Stuart Bernau, executive director of Nationwide, says: “Simply focussing on headline rates does not necessarily give the consumer the true picture of how much a mortgage costs.

“The KFI however, has a lot more information. It details the headline rate, all fees, the total amount payable, the amount payable per pound borrowed and the monthly payments.

“We believe that borrowers should not have to change lenders every few years in order to get a good deal and the KFI shows that with Nationwide it is possible to get long-term good value from one lender.

“Not only do we have a very competitive BMR, but we also offer all of our rates to both new and existing customers.”


Freedom Finance expands management team

Freedom Finance has strengthened its management team with the appointment of Steve Kember as operations director. Kember was most recently sales and marketing director for the IFA subsidiary of the Co-operative Bank, where he was employed for more than 16 years. In his role, which has been newly created, Kember will be responsible for managing […]

FSA to crack down on unauthorised GI business.

In a speech in New York last night, John Tiner, chief executive at the Financial Services Authority, pledged to crack down on unauthorised general insurance intermediation business.He says the FSA has already been taking measures to crack down on unauthorised business in the mortgage market and will continue to do this in the insurance field.He […]

UK recovery has passed its peak, says Experian

Experian has warned that the UK economy will not deliver Gordon Brown’s latest estimates for growth because the current cycle has now peaked, reveals Experian.Dr Neil Blake, director of economics and forecasting at Experian, says: “UK growth will reach 3.1% this year, but slow to 2.8% in 2005, well below the Treasury’s estimate of 3-3.5%.”“Not […]

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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