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Drop-lock deal from Savills

Savills Private Finance is offering an exclusive drop-lock mortgage deal which allows borrowers to track base rates now, but drop into a fixed or capped rate product from the same lender at any time.

The mortgage tracks the Bank of England base rate at 0.5% above for five years, giving a current pay rate of 4.5%. After that the margin rises to 0.75% above base rate.

Borrowers also have the ability to switch into any fixed or capped rates available from the lender at any time, subject to the payment of the usual arrangement fees. Currently there is a market-leading 4.99% fix for five years, for example. There are no penalties at any time and a £300 arrangement fee is payable.

Mark Harris, director at SPF, says: “This is a fantastic wait-and-see product which is available to both potential buyers or those looking to remortgage their existing property. With the general consensus that interest rates will remain flat for a while at least, a tracker product is a good idea for many people looking for a mortgage now.

“But if interest rates start to rise borrowers still have the flexibility to move to a fixed or capped rate to be sure of their monthly outgoings in the future.”


New development boss at SPML

Southern Pacific Mortgage Ltd (SPML) has strengthened its business development team with the appointment of Fred Paton to the position of head of corporate development. Paton has held senior positions with Mortgage Express, the Royal Bank of Scotland and regional building societies, and has many years experience in the intermediary-based mortgage market. In his new […]

The Mortgage Mole

RUN A MILEAnyone who thinks Mole is tougher than those nice, well-dressed PR people who invite us to so many champagne-fuelled events should take a look at the Olympian feats of the Lansons Communications team. A group including Rowena Merrick and Georgie Gannon, who represent Mortgage Express among others, are training hard for the Great […]

Making the time for old clients

I was talking to a mortgage broker in the North East. It was a large office with a good frontage onto the street, although admittedly not in a prime location. And he was on his own – doing everything from advising prospects off the street to handling referrals from local estate agents, to chasing mortgage […]

Intelligent Finance joins sales and marketing forces

Intelligent Finance is integrating its sales and marketing teams. Ian Jeffery, currently sales director, will head up the new team as sales and marketing director from the end of August. Angela McIntosh, marketing director at Intelligent Finance, will be retiring at the end of August but has agreed to remain with the bank in a […]

What attendees thought of the LendInvest Property Development Academy

LendInvest ran its first Property Development Academy in London last month. Attendees from all over the UK gathered to learn how to better equip themselves with the skills they need to grow their property development portfolios. Speakers from CBRE, Gleeds, Arcadis, Gowling, Residential Edge and AZ Urban Studio gave their insights into their respective fields […]


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