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CHL sets out to woo self-cert customers

Capital Home Loans has launched what it believes to be the market&#39s cheapest self-cert tracker in a move to build itself a larger stake in the self-employed market.

The tracker has been pegged to Bank base rate plus 0.74% until June 1 2007, giving it a current rate of 4.74%, to woo more self-cert customers, taking on the likes of BM Solutions.

In line with CHL&#39s long-standing policy the product is limited to the self- employed. The lender avoids offering self-cert products to employed borrowers saying such products are designed specifically to fit the financial circumstances of the self-employed.

Borrowers can pay off 20% of the original loan per year without charge and no MIG is payable. The tracker has a maximum LTV of 90% on self-cert loans up to £500,000. For first-time buyers, a maximum LTV of 85% to £200,000 is available. The arrangement fee stands at £350.

An uncapped procuration fee of 0.5% is payable. There is also a 5% redemption penalty during the term of the tracker but no extended tie-in.

Trevor Child, senior marketing manager at CHL, says: “This product signifies our intention to become as major a player in the self-cert market with the likes of BM Solutions. But whereas BMS has tried to cut packagers out of the loop we take a lot of our business from packagers.

“This is the best Bank base tracker we have offered but, at this rate, we can only offer it for a limited period.”

Rod Murdison, proprietor of London-based Murdison & Browning, says: “This sounds like a strong product. CHL often gets beaten by other lenders on rates or the fact that other lenders will fast-track cases but this deal might turn this around – especially as there is no 1% arrangement fee which is often attached to these types of products.”


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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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