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Furness in deal with First Advice for stepped mortgage

Manchester-based broker First Advice has launched a new three-year discounted stepped mortgage with an opening interesting rate of 3.49%.

The mortgage comes with free legals, valuation and no arrangement fee and is backed by Furness Building Society. The mortgage offers discounts off the standard variable rate of 2% in year one, giving an opening rate of 3.49%. Thereafter, borrowers receive a 0.5% discount in year two and 0.35% in year three. There are no tie-in penalties after the discount period is over, and mortgages are available up to 80% LTV.

Peter Rogerson, marketing director for First Advice, says: “Millions of people fail to remortgage their homes either because they think it is too complicated, time consuming or costly. We provide a free step-by-step service that talks customers through the whole process and with this mortgage there are no arrangement, legal or valuation costs.

“This means the remortgage process is quick, easy and cost-effective. At a time when customers are getting low returns on their savings, it makes sense to tap into low interest rates and save money on the mortgage.”


New fixed rates from Ipswich

Ipswich Building Society has unveiled four new fixed rate mortgages designed to build on the large sales gains it made during 2002. The Suffolk-based mutual – which saw lending rise by more than a third last year – expects the products to fuel additional sales through intermediaries, who now account for more than 60% of […]

MCCB urged to name and shame brokers

The Mortgage Code Compliance Board was slammed last week for refusing to &#39name and shame&#39 the 78 brokers it struck off for failing to prove they have professional indemnity cover. Tim Eagles, senior mortgage adviser at Surrey-base Best Advice, says: “How are the public going to be protected if these companies aren&#39t named? The MCCB […]

FSA warns consumer debt spiralling out of control

One in five families are struggling to service their debts, the Financial Services Authority warned last week. In a gloomy report on financial risk, the FSA warns that consumer debt is growing at unsustainable rates. Average mortgage debt now stands at £39,669, the average second mortgage including buy-to-let is £47,583 and the average second charge […]

CML drops &#39obsolete&#39 MPPI take-up target

The Council of Mortgage Lenders has removed the 55% target for the take-up of mortgage payment protection insurance after it reassessed its sustainable home ownership initiative. The CML set the target in 1999, with support from the Association of British Insurers and the government. But it says the use of a wide range of alternatives […]


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