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BoE freezes base rate

The Bank of England’s Monetary Policy Committee has voted to freeze interest rates at 5.5%.

This follows a 25 basis point rise in May.

Although many experts predicted the MPC would hold rates over June, there have been fears that UK inflation continues to rise.

This resulted in more than £25bn being wiped from the value of Britain’s top 100 companies yesterday when the FTSE-100 index fell 110 points.

However, a further rate rise is largely anticipated for later in the year.

There have been four rate rises since August 2006.


Advantage changes self-cert criteria

Advantage has changed the criteria of its self-cert product. First-time buyers now have access to an increased LTV of 90%, up from 85%. In addition, fees can now be added up to a maximum LTV of 97%.Aimed at the mainstream market and launched in March this year, Advantage’s self-cert range of products is available to […]

Merrill in frame to back Prust’s new lender

Rumours are rife that Merrill Lynch will back the new lender headed by the ex-Southern Pacific Mortgage Limited dream team of John Prust, Bill Cherry and Stuart Aitken.Prust left SPML in February and the rumour at the time was that he would join Cherry, former managing director of SPML and Aitken, former director of credit […]

S&S brand to keep brokers informed

Stroud & Swindon is planning to launch a specialist subsidiary brand later this year targeting brokers with the promise to keep them in the loop over their clients’ financial situations.S&S, which distributes more than half its mortgages via brokers, says the subsidiary will be technology-driven and will go even further than Accord Mortgages in developing […]

DB launches fixed and tracker rates

DB Mortgages has launched a series of two-year trackers and two and three-year fixed rates over its core range.The two-year fixed rates start at 6.05%, with an early repayment charge of 6% in the fixed rate period and the three-year fixed rates start at 5.95% with an ERC of 6% in the first three years […]

India budget: BJP focuses on growth

By Kunal Desai, Head of Indian Equities

With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.


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