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Legal & General launches exclusive discount and fixed rate deals

Legal & General&#39s mortgage club is offering two market-leading exclusive loans for cash-conscious borrowers wanting either a discount or a fixed rate for their mortgage.

The discounted loan offers a reduction of 2.25% off the standard variable rate for two years, giving an initial pay rate of 3.70% (APR 5.7% variable). At the end of the discounted period the rate reverts to the lender&#39s variable rate.

The second exclusive mortgage offers a fixed rate of 3.79% (APR 5.3%) until April 30 2004. At the end of the fixed rate period the interest rate tracks bank base rate in steps as follows:

• 0.01% below bank base rate until April 30 2005

• 0.20% above bank base rate until April 30 2006

• Then 1.50% above bank base rate for the remaining term of the mortgage.

Both exclusive mortgages allow borrowers to repay up to 10% of the original loan each year without incurring a redemption charge and are available up to 95% LTV for purchase and 90% LTV for remortgages.

On the discounted loan redemption fees of six months interest at the standard variable rate will be payable for two years. On the fixed rate loan redemption fees of six months interest at the standard variable rate are payable until April 30 2006.


Policy traders offer endowment winner

Investors can now buy traded endowment policies with existing guarantees at least on a par with the gross purchase cost. The Insurance Policy Trading Company says this will help investors make the most of reduced TEP prices. Julian Knopf, spokesman for IPTC, says: “In some cases the total outlay of purchase price plus future premium […]

One in five UK adults is refused credit

One in five of the adult population is systematically refused credit from mainstream lenders, research from Datamonitor reveals. Some 7.8 million people fell within the non-standard bracket at the end of 2002, down from 8.2 million in 1998. Datamonitor attributes the decline to low rates of interest and unemployment, which have seen levels of arrears […]

NatWest launches self-cert mortgages

NatWest has launched self-certified mortgages in a bid to capture ground in a market area containing 3.2 million self-employed individuals in the UK whose income cannot be as easily verified. NatWest has become one of the first major high street banks to cater for this market and is launching five self-cert products with rates starting […]

Late self-assessment returns could incur fines

Mortgage intermediaries and IFAs could be hit by Inland Revenue fines for delayed self-assessment forms. The warning comes from the Institute of Chartered Accountants in England and Wales, which warns taxpayers that delays could result in fines of up to £60 a day. These fines are in addition to the automatic £100 late-filing penalty for […]


Neptune video: UK economy: a sustainable recovery?

After years of a slowly brewing economic recovery, the UK has seen a strong rise in growth in recent months. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses the strength of this recovery and whether it is sustainable.

In the video, Martin addresses the following:

• Structural features supporting the UK economy
• UK mid-caps and the potential for M&A activity
• Valuations and opportunities in house builders


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