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BMS to ditch proc fees on mainstream products

BM Solutions is to stop paying procuration fees on mainstream and ex-patriot products from the beginning of February, writes Harriet Williams.

BMS says it has decided to focus on specialist business and sees a time when it will eventually phase prime products out.

Martin Reynolds, key account manager at BM Solutions, told Mortgage Strategy: “We specialise in sub-prime, self-cert and buy-to-let so we are effectively moving out of the prime market. The numbers of prime applications are minimal and those products are available elsewhere in the HBOS group.”

Mike Waite, director of Royston-based Mortgage Quest, says: “It&#39s fair enough if they don&#39t want that type of business, but it is worrying when lenders exclude proc fees from certain products.”


Legal & General reduces rate on equity release product

The interest rate charged on Legal & General&#39s equity release mortgage has been reduced from 7.30% to 7.19% (APR 7.6%). The rate is fixed for the life of the loan and interest is added to the loan each month with the total being repayable only when the customer dies or moves out of the property […]

Some comfort for with-profits policy holders

Analysis by the Association of British Insurers finds that customers of with-profit policies are getting more returns than many other types of investor. Using information from Standard & Poor&#39s and Money Management, the ABI finds that in August 2002, the worst performing maturing 10-year with-profits policy provided a return of 4.9% while the worst performing […]

Bank of England figures show record equity release

Mortgage equity withdrawal increased from £10bn between April and June 2002 to £12bn from July to September, Bank of England figures reveal. The latest figures are a record high and show consumers drew down near double the amount of equity compared to the same July to September period in 2001.

Keeping it discreet

From Steve ScholesScottish Life Mortgages has 26 lenders on its panel who provide a vast range of products to meet customers needs both online and offline through its Mortgage Club and packaging facilities. SLM also offers virtual banking facilities such as general insurance and personal loans. We have developed direct download functionality with key lender […]

Health Shield

Product guide — health cash plans to suit all shapes and sizes

This guide, called ‘Health cash plans to suit all shapes and sizes’, provides information on Health Shield’s standard and tailored cash plans, which are designed to satisfy all business and employee needs. Each scheme can be offered on a voluntary, company-sponsored or flexible-benefits basis.


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