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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 permanently.

The equity release mortgage carries the SHIP guarantees including no repossession and no negative equity with customers able to remain in their property.


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 […]

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 […]

SimplyBiz and The Exchange form strategic alliance

SimplyBiz and The Exchange have formed a strategic alliance that forms a key part of SimplyBiz&#39s growth plans. SimplyBiz was launched in November 2002 by Ken Davy, founder of the DBS network, to provided support services to small and medium-sized directly regulated IFAs. Since launching SimplyBiz has signed up 50 IFA firms and aims to […]

Mortgage Express makes case for financially excluded

Mortgage Express says lenders must be flexible enough to adapt to individual need, following this week&#39s news that 21% of the adult UK population is excluded from mainstream credit. Tim Sturley, head of business development at Mortgage Express, says: “We&#39ve always been aware that people have individual needs when it comes to finance – they&#39re […]


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