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Charcol offers three-year discount for remortgagors

Ray Boulger, senior technical manager at Charcol, says that the rate alone on this three year discount puts other discounts and trackers in the shade. In addition the remortgage only product has low set up costs as there are free legals and the valuation fee is refunded on completion. There are no early repayment charges, even within the three year discount period.

He says: “Borrowers coming to the end of a fixed rate may be reluctant to lock into a new fix now as we appear to be at or near the top of the interest rate cycle, which is why the cost of fixed rate mortgages has already started falling.

“Because it has no early repayment charges this exceptional deal gives borrowers the opportunity of switching into a low discount rate now, whilst retaining the option to move to a fixed rate if and when they decide fixed rates offer better value.

“Most remortgagors will not need to borrow more than the 85% LTV maximum available on this deal but it will not be suitable for everyone as the minimum loan size is £150,000.”

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Genesis gets official FSA authorisation

Nigel Gardner, business development director, says: “We are now ready for the introduction of regulation on October 31 and have an excellent range of support services to offer everyone involved in the mortgage market. “Any broker who has still not submitted an application for network membership can apply to Genesis safe in the knowledge that […]

E-trading could boost proc fees

Ray Boulger, technical manager at Charcol, says: “If the lender had a proper integrated online system, there would be an argument that it should pay higher proc fees. In the early stages of electronic trading higher proc fees would be justified as it will benefit all.” Commentators say the benefits of electronic trading include speedier […]

AMI voices concern over KFIs

The trade body is worried the rules covering the calculation of inducements could be misinterpreted, particularly the definition of what payments are regarded as material and must be disclosed. It states confusion also reigns over the issue of packager payments. Current thinking suggests packagers are out-sourced processors of mortgage cases, working for either a lender […]

Dashboard joins AMI

Chris Cummings, director of AMI, says: “We are delighted to welcome Dashboard Software as an affiliate member of AMI. We are pleased that such a forward-looking company recognises the need to support the mortgage intermediary&#39s trade association. “The FSA is listening to AMI&#39s views on regulation and we are achieving this level of influence thanks, […]

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