View more on these topics

Swift absorbs base rate rise

The Swift Group has revealed that for the second time in succession, it will not follow the bank base rate rise with an immediate increase in rates.

This decision applies to new business for both its first and second mortgages. Including the latest increase and the rise of 0.25% in August, meaning it will have absorbed the full 0.50% increase themselves.

John Webster, chief executive of Swift Group, says: “In some cases there were occurrences whereby lenders used the base rate rise as an opportunity to make increases that were greater than the rise made by the Bank.

“We made the decision to hold our rates for the benefit of introducers and their customers and I’m pleased to announce that once again this is the case. Until February next year, intermediaries recommending products from Swift will have the reassurance of consistent rates and reliable pricing to provide to customers. We believe that this decision will help intermediaries with their sales process.”

Chris Meadows of City Loans UK in Bolton, says: “This is an unanticipated but terrific announcement from Swift considering that they have already absorbed one base rate rise this year. We’re used to extolling the virtues of the service provided by Swift but this shows just how rounded and complete their proposition is for intermediaries.”

Recommended

DB boosts its sub-prime criteria

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.

Validus offers access to French mortgages

French property specialist Validus Invest has launched a financial advice arm to help borrowers fund their purchases via French lenders.The independent investment property agency will advise clients of its sister company VEF France and other overseas property buyers on financing purchases with French mortgages.This move comes as Assetz Finance reveals that Brits buying holiday homes […]

Out of commission come many virtues

The Financial Service Authority’s decision to consider commission in its retail distribution review is no great surprise. The FSA wants to consider whether the model harms the reputation of advisers. It wants to know why financial advisers are not held in the same public regard as solicitors and the like. Could this be because of commission?

Stable prices could add up to trouble

We could see a stabilisation of house prices soon which would lead to a drop in new business volumes for brokers and over-optimistic lenders being left high and dry, says Frank Eve

Pensions - thumbnail

Financial advice can benefit customers by £40,000

New research shows those customers who receive financial advice can be better off on average by £40,000 We’ve sponsored a research project with the International Longevity Centre – UK (ILC-UK) to produce ‘The Value of Financial Advice’ report. This independent research demonstrates that customers who take financial advice can, on average, be £40,000 better off than those […]

Newsletter

News and expert analysis straight to your inbox

Sign up