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Marketplace tells borrowers not to worry about potential rise in rate

David Bitner, head of product operations at The MarketPlace at Bradford & Bingley, says borrowers should not be overly concerned about a rise in interest rates.

He says: “They are more than likely to be moderate, but to think that many borrowers will just ignore the rise is worrying.”

Bitner adds that what is really concerning is that many borrowers can do something about this rise to counter their likely increase in monthly payments &#45 but that they seem not to care.

“With at least 35% of the nations borrowers paying a standard variable rate, remortgaging to a current market-leading deal could offset the impact of a 2% rise in rates.

“With no-one expecting rates to rise by this level, they will actually end up saving money each month, and who would argue with that?

“Many of us demand value for money from our everyday purchases, so why would we not demand the same for the largest financial commitment most of us will ever make? Paying over the odds for your mortgage is the same as telling Mr Sainsbury that your weekly food bill is too cheap and can he put 20% on his prices ? it just does not make sense.”


Self-employed are missing out on saving, says Stafford Railway

Self-employed people are missing out on huge savings on their mortgage repayments because they are too busy to hunt for a good deal and concerned about rejection, says Stafford Railway building society. The perception that self-employed people struggle to get a mortgage with a competitive interest rate still exists but is finally fading away as […]

Treasury review must not undermine Financial Ombudsman Service

The Financial Services Consumer Panel has warned that the simplicity and accessibility of the Financial Ombudsman Service could be undermined if the Treasury&#39s review ended up adding an appeal system to the current process. The two-year review of the Financial Services and Markets Act 2000 which set up the Financial Ombudsman Service and the Financial […]

FSA reviewing enforcement process

The FSA is conducting a review of the enforcement process to see if it can be shortened without losing the fairness built into the system. Speaking yesterday at the FSA&#39s Enforcement and Law conference in London, Andrew Procter, FSA director of enforcement, told delegates: “The end-to-end review of the enforcement process will include a review […]

igroup launches second phase of regulatory support programme

igroup is this week launching the second phase of its regulatory support programme for intermediaries. Two CEO regulatory forums are being held to help introducers understand why FSA regulation is their biggest deal, and what they can do to smooth their path to authorisation. The first of the forums takes place at Rickmansworth, Hertfordshire on […]


Health Shield joins the Association of Medical Insurance Intermediaries

Health cash plan provider Health Shield has joined the Association of Medical Insurance Intermediaries (AMII) as a corporate member. The non-profit-making Friendly Society is one of eight health cash plan providers to join the intermediary trade body, which is looking to establish working parties with intermediaries and providers on issues such as product innovation and regulation.


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