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SLB raises its rate to 5.10%

Standard Life Bank is increasing its standard variable rate from 4.85% to 5.10% with effect from November 19, following the 0.25% base rate increase.

Anne Gunther, chief executive of Standard Life Bank, says: “It is important to put this rise into context. It does not mean misery for consumers. We expect the Bank of England base rate to go up to 5 or 5.5% by the end of 2004. When compared with base rates over the past 15 years, this figure is still at the lower end of the scale.

“But those consumers who are worried are those carrying a burden of expensive short-term debt. It is sensible to sort out finances as quickly as possible by remortgaging to a flexible mortgage at a cheaper interest rate.

“This allows homeowners to wipe out credit card debt or personal loans while at the same time saving money on regular monthly mortgage payments.”


A&L increases basic variable rate to 5.79%

Alliance & Leicester has increased its basic variable mortgage rate by 0.25% to 5.79%. The rate will take effect from November 24 2003 for new borrowers and December 2 2003 for existing borrowers. A&L&#39s tracker products are also subject to change, with new borrower products increasing by 0.25% from November 10 2003 and existing borrower […]

MCCB warns of gap in consumer protection

The Mortgage Code Compliance Board has warned that without Ombudsman powers to rule on transitional consumer complaints, millions of existing borrowers will be left unprotected when FSA regulation comes into effect. In response to the Treasury&#39s consultation paper on transitioning complaints, the MCCB says that unless there is a change in the law, customers with […]

Eight out of nine MPC members vote for rate rise

The Bank of England&#39s Monetary Policy Committee voted overwhelmingly in favour of raising interest rates earlier this month, minutes of the meeting reveal. Only one of the nine MPC external members, Marian Bell, opposed the decision to raise the cost of borrowing. The committee&#39s decision saw rates rise by 0.25% to 3.75% – the bank&#39s […]

CML urges government to explore low cost home-ownership

The Council of Mortgage Lenders says it strongly urges the government to explore the full potential of low cost home-ownership. Following a report out by a government task force looking at low cost home-ownernership, it says that as well as allowing more people to get on the property ladder, it would also help plug the […]

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


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