Mortgages PLC is launching a mortgage which allows borrowers to repair their credit record after just 12 months. The product, which it says is the first of its kind in the UK sub-prime market, allows borrowers to remortgage without incurring onerous redemption charges. Available from November 20, MPLC says this is a major development for the adverse sector in which it is normal for mortgages to carry early repayment charges for periods of two or three years.The MPLC product offers a choice of a one-year fixed deal or a tracker with rates depending on LTV and status.
Woolwich is to introduce a product that is a combination of fixed rate and lifetime tracker.The mortgage is fixed for the first two years at 5.19% and then reverts to a lifetime tracker at 0.19% above base rate safeguarding consumers against further interest rate rises. There are no early repayment charges after the initial two-year […]
Merrill Lynch expanded its mortgage empire last week with the acquisition of a 45% stake in Oakwood Financial, the parent company of edeus.Along with Italian investment company CIR, Merrill Lynch has sunk €300m into Oakwood, landing each investor a 45% stake in the company. The remaining 10% is held by minority inv-estors and Oakwood’s management […]
The European Parliament has voted to adopt the European Commission’s green paper on mortgage credit. Led by Conservative MEP John Purvis, it will seek to create a new approach to house buying in Europe by reducing barriers to mortgage credit.Although only 1% of borrowers currently get mortgages abroad, Purvis argues that this amounts to about […]
DB Mortgages has stepped up its presence in the sub-prime specialist market with several improvements to its lending criteria. The changes follow an internal review and feedback from packagers.
As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.
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