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Clients brace for 35% payment hike

Borrowers coming off five-year fixed rates could see their repayments rise by as much as 35%, claims analyst Mortgage Monitor.

It estimates that this could cost the 340,000 affected borrowers a staggering £1bn extra in repayments.

The survey found that 23% of clients are anxious about higher repayments while 5% admit they have no idea how they will foot the bill.

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FOS says consumers will be compensated if proven misadvised

The Financial Ombudsman Service says lenders and brokers should redress where it is proven that consumers have been misadvised.Tony Boorman, decisions director and principal ombudsman at the FOS addressed the issue of mortgage complaints at a Council of Mortgage Lenders seminar on complaints handling last week.He says: “We can and do make significant awards, where […]

BDS looking to expand satellite packagers

BDS Mortgage Group is looking to have 60 satellite packagers on board by the end of the year.BDS has grown this by almost a quarter over the last month due to lender pressure within the market.BDS has reported a flood of enquiries from small packagers being squeezed from the market by lenders wanting to reduce […]

Savings Gateway expanded

The Savings Gateway scheme, the savings account for low income groups, has been extended across the country.

Buy-to-let to last

At the end of last week I was fortunate to spend a couple of very educational days at the buy-to-let Summit. It is important to realise that the issues facing lenders at present are not set to go away any time soon. I have long feared that the reality of the situation is that we […]

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Health Shield joins the Association of Medical Insurance Intermediaries

Health cash plan provider Health Shield has joined the Association of Medical Insurance Intermediaries (AMII) as a corporate member. The non-profit-making Friendly Society is one of eight health cash plan providers to join the intermediary trade body, which is looking to establish working parties with intermediaries and providers on issues such as product innovation and regulation.

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