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CHL launches short-term self-cert fix

CHL Mortgages has launched a self-cert fixed rate product at 5.79% until March 2008.

It is available up to 90% LTV with no early repayment char-ges after the fixed period and no higher lending charges.

Its proc fee is 0.5% and the product is only available to the self-employed, with no requirement for proof of income or accountants’ questionnaires.

Trevor Child, head of sales and marketing at CHL, says: “This product all-ows borrowers to benefit from a good fixed rate until next March and then, if interest rates come down, they can move to a better deal.

“This could prove to be a better op-tion than getting locked into a long-term fix, given that interest rates are expected to fall from spring next year.”

Philip Stevenson, director of Ark Financial Planning, says: “The rate seems competitive, but when you consider that borrowers would have to pay all the costs associated with switching deals, such as brokers’ and legal fees, in less than a year’s time it doesn’t represent such good value.

“Even if fixed rates do come down at some point early next year, there’s still not enough of an incentive for people to go through the mortgage process all over again in such a short timeframe.”


Commercial First appoints BDM

Commercial First has appointed Sally Williamson as BDM for Northern Ireland. She joins from InterBay and has a decade of experience in mortgages and financial services, including a period as a self-employed mortgage broker and a spell at Friends Provident.

AIFA praises FSA for its “robust” compensation scheme proposals

The Association of Independent Financial Advisers has praised the Financial Services Authority’s for its proposed reform of the compensation scheme as “robust” and “fair”.Chris Cummings, director general of AIFA, says: “The compensation scheme is a vital regulatory safety net which helps maintain consumer confidence in the financial services industry, but it is in need of […]

B&B says it’s had a good start to 2007

Bradford & Bingley has predicted that its net residential lending in the first half of this year will be almost double the level it achieved in the same period in 2006. In a pre-close trading statement, the lender reported a good performance in the first half of 2007 with new organic lending volumes well ahead […]

MS should charge networks for appearing in letters pages

Wouldn’t it be a good idea to charge networks for advertising in Mortgage Strategy‘s letters pages? They ply their trade every week and puff their corporate chests out for free, playing out their tit for tat assaults on each other. Isn’t it about time they started paying their way when they want space in the […]


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