The novelty of a heatwave always seems to create a lull in business terms. Fortunately, this is not something we have to worry about too often in this country, and the fact that most major sporting events are over within a few days means the effect on businesses is limited.But with the World Cup involving a month of constant football and coinciding with the best weather we have seen for some time, it must be a concern for all businesses. Business levels drop each afternoon as kick-off time approaches. And on days when England is playing you might as well send your staff home at lunchtime as productivity drops to zero, even if kick-off is not until 8pm. But this obsession with the World Cup has fuelled innovation in the commercial marketplace with Norwich and Peterborough launching a competitive refinance product that it calls its World Cup Special. The product has a rate of base plus 1.25% for the term of the loan, no arrangement fee and free valuation. It is available on loans of between 100,000 and 500,000. As you would expect on a product this competitive, it won’t be around for long. Indeed, the building society says it is only available while England remains in the competition. So judging by the team’s performances against Paraguay, Trinidad and Tobago and Sweden you may need to act fast to secure this product for your clients. By the time you read this we will know whether this deal has been withdrawn or not. But let’s hope the end of the World Cup will not see an end to innovative products of this sort in the commercial sector. Quiet periods of business tend to focus lenders’ minds and encourage original thinking, but the market needs this type of product development more often. Making innovative products available to brokers will encourage more clients to use intermediaries for their commercial finance needs and not to take the usual path to their own bank. Perhaps the World Cup is just the kick-start the commercial mortgage industry needs.
- Top trends
Business consultancy Conchango is launching a site to guide mortgage practitioners through the solutions offered.Benefits to businesses and those working in the mortgage sector include a eduction of operational costs, acceleration and streamlining of processing and implification of intermediary communication. Many of the benefits for businesses which can be passed onto consumers include reduction of […]
David Walton, an external member of the Bank of England’s Monetary Policy Committee, died last Thursday aged 43, following a short illness. Walton was the only committee member to vote in favour of an interest rate rise in the last two meetings. His death caused the financial markets to back-track, sending short sterling interest rate […]
It would be fun to see the reasons lenders give the FSA in response to its call for them to justify raising their exit fees, as there can’t be many good ones, says Drew Wotherspoon
Paymentcare.co.uk is warning borrowers that taking a three- month repayment holiday on loans could leave them in limbo should their personal circumstances change before they resume their repayments.
By Fiona Tait, Pension Specialist Royal London firmly believes in the value delivered to clients by financial advisers, not just for one-off events but on an ongoing basis. This is a position we continue to hold in our consultation responses and external communications while always questioning whether there are ways in which we can help […]
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