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Product changes at Irish Permanent

Irish Permanent has announced a range of product improvements designed to build market share in both the buy-to-let and home loan sectors.

The lender, whose UK base is in Hammersmith in London, is putting the changes in place following extensive consultation with intermediaries.

They comprise loan-to-values lifted to 85% of £1m for buy-to-let; rent cover reduced to 125% and based on monthly interest payments; individual self-certification buy-to-let limit lifted to £500,000; individual self-certification home loan limit increased to £500,000; removal of the 0.25% differential between capital-and-interest and interest-only Flexi Tracker mortgages; special buy-to-let five-year fixed interest rate of 5.25%.

The procuration fee payable on all products is an uncapped 0.5%.


Packager tie-up creates lending unit

Packagers EM Financial and Mortgage Match have joined forces to create a branded lending unit. EM Residential Funding will receive packaged cases from around the country at its central London offices. Edward Strange, former business development manager at Mayfair-based The Mortgage Placement Company, has been appointed managing director. GMAC-RFC and SPML have already signed distribution […]

Future does a U-turn on lending rules

Future Mortgages has reversed changes to its second charge lending criteria after brokers and packagers began to query the new rules introduced by the sub-prime lender. A director of one packager told Mortgage Strategy: “Future is asking us for two years&#39 proof of residency on second charge deals even if the customer is on the […]

Standard Life welcomes polarisation proposals

Standard Life has welcomed the next stage of the depolarisation consultation process, the issuing of CP166 – Reforming polarisation: Removing the barriers to choice. The life company believes the proposals outlined in the paper will facilitate better access to advice on suitable products and greater choice for consumers, and is pleased that the value of […]

Complaints about estate agents go through the roof

Complaints against estate agents surged to record levels in 2002, up by 15% on the previous year to more than 6,000, The Guardian&#39s Jobs & Money section revealed last week. According to the Estate Agents Ombudsman, estate agents beat their previous record for complaints in 2001, when the total rose by 25%, despite an ongoing […]


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