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Homeowners could save £1.85bn by switching mortgage companies

There are 11.8m mortgages in the UK, with at least 4.13m people stuck on a SVR, usually set by most banks at around 6.4%. The fact is that, for most of these people, there are far better deals that they could be taking advantage of if they were to compare their mortgage rate against the best in the market.

First Active, backed by the Royal Bank of Scotland, has a long-term variable rate at 5.74% and means anyone with a mortgage of £100,000 on the average SVR could save up to £600 or more each and every year.

Jayne-Anne Gadhia, managing director of First Active, says: “Everyone wants great value, yet most people still pay too much for their mortgage. First Active&#39s customers pay a highly competitive rate when they take out one of our mortgages and then move to another great rate as soon as the offer ends.”


However pure, packagers must all be authorised

Only a month out from the biggest change to the mortgage industry ever and here we are, still asking fundamental questions about whether one sector should be regulated or not. The Financial Services Authority is of course quite right in passing the onus of responsibility onto the shoulders of the industry. It is up to […]

Equity link with spending

But the autumn report from the Bank adds that “the relationship between equity withdrawal and consumption is not clear cut”. In recent years the Bank&#39s measure of mortgage equity withdrawal has risen sharply without being accompanied by a sharp rise in consumption. The report, Housing Equity and Consumption, examines data from the 2003 Survey of […]

Equity IFAs in dark on KFI progress

Dean Mirfin, business development director at Key Retirement Solutions, says: “One of the biggest problems is that lenders are not communicating with intermediaries. We haven&#39t seen the new illustrations, which we need to do before October 31. There is no clear timetable coming from providers. “We are having to chase lenders and providers to see […]

Landlords forecasts steady growth in buy-to-let

The typical landlord expects to grow his or her portfolio of rental properties by 6% over the next 12 months, according to Paragon Mortgages&#39 landlord survey for the third quarter of 2004. This figure, which is the same as that reported last quarter, suggests that landlords are forecasting steady, rather than explosive growth. A year […]


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