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Fate of Miles review remains unclear

The review of longer term mortgages by Professor David Miles was published at the time of the Budget in March but there has been no feedback on the outcome of the consultation on the document. There was a muted response to a question raised at a discussion at the House of Commons last week, Financial Capability: Making informed decisions about mortgages.

Council of Mortgage Lenders director-general Michael Coogan says he believes the review is “dead, but not buried”.

Nationwide spokesman Tim Hughes says: “I agree that all products should be made available to all consumers as Miles recommends. You don&#39t walk into a shop to find a product on sale that you can&#39t buy.”

The government was quick to support the proposals put forward by Kate Barker on supply of housing published at the same time as the Miles report, but Miles&#39 proposals are still at the consultation stage.

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Bananas Inc launches sub-prime mortgage

Its mortgage for purchase and remortgage permits up to six months of missed mortgage payments in the previous 12 months and six months outstanding at the time of application. The arrears can be owed to a sub-prime lender. Individual voluntary arrangements, well conducted for at least six months, are allowed and discharged bankrupts can apply. […]

FOS throws itself open to questions from brokers

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Jet-to-let scheme takes off

Oceanico has joined forced with Barclays bank to offer a tailored mortgage on its developments in Lagos, Portugal. The deal offers a two-year interest rate free period combined with a two-year capital repayment holiday, dependent on a 30% deposit. Oceanico says that with a strong lettings market, buyers also stand to make enough for the […]

MGM receives final authorisation

Stephen Maskens, manager of MGM Home Finance, says: “This is excellent news and testament to the importance and hard work MGM placed on working within the new regulatory regime. “We look forward now to working closely with our appointed representatives with no further steps necessary to operate in the new mortgage market.”

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Changes to capped drawdown tables

The tables used for capped drawdown maximum income calculations have been updated. We look at the reasons for the change and what the impact could be. Changes to capped drawdown tables Capped income drawdown involves taking a pension directly from a fund instead of buying an annuity. However, there’s a limit on the maximum amount […]