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Fixing now could be false economy

Taking out a fixed rate deal to escape the threat of further interest rate rises could be a false economy, warns My Mortgage Direct. The brokersays customers may be opting for fixed rates to avoid getting into difficulty after the recent base rate rise. But it says holding out with a good tracker deal could be a sensible option until more attractive fixes are back on the table.

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Chelsea changes fixed rate deals

Chelsea has changed its fixed rate mortgage products following the recent rise in the base rate. All the lender’s two-year fixes, buy-to-let, self-cert, and fees-assisted remortgage products will be increased by 0.4%. All standard three-year fixed rates including helping hand and fees-assisted remortgages will be increased by 0.10%. Chelsea’s three-year buy-to-let fixed rate will be […]

FSA denies BBC claims

The Financial Services Authority has denied claims that a number of banks and lenders are to be fined around 1m for mis-selling payment protection insurance.Its denial follows claims made by the BBC that up to 10 banks and lenders are to be hit with steep fines in the coming weeks.The FSA says that it published […]

PACKAGING SUMMIT 2007: HBOS may launch sixth arm

HBOS could launch a new brand to the mortgage market to compete against the growing number of do it yourself lenders that have come to market over the last 24 months.Nigel Payne, managing director of HBOS subsidiary The Mortgage Business, made the throw away remark while speaking at the Mortgage Strategy Packager Summit in Nice, […]

We must learn from this warning shot

I’m sure nobody was under any misapprehension that things would be easier under Financial Services Authority regulation rather than the Mortgage Code Compliance Board. But a principles-based regulatory process, which the FSA is committed to, can give firms a feeling that they are on the right track even if they are not.