While this represents the lowest rate, there are limitations on the LTVs available with clients aged between 60 and 69 having a maximum facility of 20% and those aged 70 and over, 30%.With these limitations on LTVs I don’t think we’ll see too many others rushing to cut their rates where they can compete more on LTV. Hodge Equity Release has reacted somewhat to the market movers by reducing its headline rate to 6.48% monthly (6.68% annual) but more noticeably it has also reduced the minimum drawdown amount on its drawdown scheme to 2,000 from 5,000. This offers comfort, in particular to those who may not qualify for the schemes offered by Just Retirement or Prudential. Mortgage Express and New Life Mortgages still hold, as they have for some time, the top spots for LTVs. New Life pips Mortgage Express to the post at many ages, though this comes at a price, with New Life charging a slightly higher interest rate and imposing harsher early repayment charges. Maximum LTV borrowing still comes at a premium, with interest rates almost 1% higher than the likes of Bristol & West and Just Retirement. On the reversions front, Bridgewater reports a positive reaction to its relaunched offering. Its options now provide a parallel product to drawdown lifetime mortgages, allowing guaranteed further advances, and the option to release further portions of the property in stages. This provides a constructive argument for home reversions and may further boost the already increasing popularity of these plans as the latest market indications are that, for the first time in many years, we will see an increase in reversion business over the previous year.
Callcredit has already started updating its databases with 2005 electoral roll information and expects to have completed the process by the end of January.Initial estimates indicate about a third of UK councils appear to be embracing the standard format for submissions known as Election Markup Language introduced earlier this year by the Office of the […]
BM Solutions today launches a range of self-cert products. The range offers a variety of deals, including competitive rates, cash backs and remortgage products. It includes a two year tracker at 5.09%, a five year tracker at 5.09% and 1,000 cashback, and a remortgage at 5.35% fixed until March 1 2007 with refunded valuation and […]
The Treasury and the Financial Services Authority have today issued the official response to the European Commissions Green Paper on mortgage credit in the EU, which reveals the UK is “sceptical” about Commission intervention in mortgage regulation. In the response, the two government bodies say: “The UK’s recent experience of introducing regulation indicates the cost […]
It remains uncertain how the advent of HIPs will affect the average mortgage broker but at least it is an opportunity to refresh contacts with local property professionals, says Sue Read
New research has revealed that the highest percentage of opt-out rates in auto-enrolment is made up of 22- to 30-year-olds (28.49 per cent of 2,102 people surveyed, who chose to opt out of schemes, were in this age bracket).
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