Fixed plus enables borrowers to have the payment security and budgeting of a three-year fixed rate, while receiving the benefits normally associated with tracker products if interest rates fall.The initial rate is fixed at the maximum borrowers pay for three years, but if market rates fall, the mortgage rate drops too. The product also comes with free valuation and up to 400 cashback. Rates start from 5.55%. Alison Hutchinson, managing director of Kensington Mortgages, says: “Some analysts are predicting reductions while others are suggesting increases. If your client is looking for a competitive rate, security over the long term and the ability to benefit from interest rate falls, then the three-year fixed plus adds up to a great deal.”
- Top trends
Cheval, the Stanmore based bridging finance lender, has reported high levels of interest from brokers in its interactive website, which was unveiled at Mortgage Business Expo in November. Cheval, which was the first bridging finance lender to join the CML, has also seen business levels rise significantly since it issued its code of conduct in […]
There’s nothing like fear to change a person’s actions, and it appears that the fear factor has contributed to the drop in self-cert mortgages.
A money awareness pack for cancer carers and budgeting advice for people with learning disabilities are among the 12 projects that have been chosen as winners of the Financial Services Authority’s 200,000 Innovation Fund. The 12 not for profit and community projects were chosen from more than 350 applications which proposed innovative ways to tackle […]
Amber Homeloans has announced the sale of a further 18m portfolio of sub-prime mortgage assets to GMAC-RFC. This is the fourth whole loan transaction completed this year involving the two organisations. Mark Smitheringale, associate director of asset trading at Amber, says: “This transaction represents the second portfolio sale to GMAC-RFC during 2005.”
Research by insurer LV= suggests that some 11 million employees in the UK have no company-paid sick leave entitlement. So if an employee from within the above grouping cannot work through illness or injury for any period of time, their only income would likely be that provided by state benefits alone.
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