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Brits can save on car loans, says Virgin One

Britons could be wasting nearly £4 billion a year by buying new cars via traditional loans, claims Virgin One.

With new &#3952&#39 registrations set to be driven out of showrooms next month, the Virgin One account is urging would-be owners to check they are paying as little as possible in their bid to own a dream machine.

By using current account mortgages to borrow cash at mortgage-style interest rates motorists could slash nearly £1,600 off the cost of buying a £15,000 Volkswagen Golf or similar model, the lender claims.

With Britons currently buying around 2.5 million new cars a year we could be overspending as a nation by £3.9 billion, says the One account.

Virgin One account&#39s James Duffell says: “Choosing a new car should be a pleasure, but too often the fun is spoilt by the cost of the finance most people need to fund it. Often people are paying over the odds when there is an alternative that is cheaper and has added benefits such as tremendous flexibility which means people can overpay, underpay or skip payments when they need to.

“Just because the loan is linked to the mortgage doesn&#39t mean it takes as long as a mortgage to pay off. Customers can also use their account to save for a new car – or anything else – in a virtual savings account, effectively earning a mortgage-style rate of interest, tax-free.”


Rising prices hinder first time buyers

Rising house prices are making it harder than ever for first time buyers to get a foot onto the property ladder. And lenders are not doing enough to help according to Andy Frankish, director or Mortgage Talk Direct, the national direct department of Mortgage Talk. He says: “Many prospective buyers, especially in the London and […]

Countrywide Assured acquires Friends Provident Estate Agencies

Countrywide Assured has acquired the 104 estate agents from Friends Provident for £12 million under a deal that will see the UK&#39s largest estate agency chain distribute the life insurers mortgage-related protection products through its 700 branches. The exclusive right, under a 15-year agreement, to distribute mortgage-related protection products through Countrywide&#39s 700 estate agency branches […]

CML promotes training initiative for lenders

The Council of Mortgage Lenders is developing a training package to help lenders get staff and their intermediaries up to speed with mortgage regulation, Mortgage Strategy can reveal. Although the initial package will be aimed at lenders, the CML is considering a similar programme for intermediaries. The package will be modular in form to allow […]

Figure it out

From Clare HylandI have today received my August copy of Mortgage Strategy and as I have just taken my MAQ exam I always turn first to your Mortgage Master or Mortgage Moron questions, just to ensure that I do know what I am doing! This issue&#39s questions and answers do not appear to be correct, […]

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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