Under the current rules, only commercial property can be included in a SIPP and the maximum amount is 75% of the value of the property. After A-Day, while both residential and commercial properties will be eligible to be included in SIPPs, this will be restricted to 50%.As a result, Cheval says it expects to see a rush of clients looking to take advantage of the old rules and has set up a specialist unit to deal with all such enquiries. With commercial property transactions taking longer, it says bridging finance could be a useful way for people to get quick finance and secure the deal. They could then remortgage at a later date. Paul Rumbold, sales and operations director at Cheval, says: “Unless the purchase is agreed in the next six weeks or so it is unlikely to complete in time using conventional funding. With us, bridging finance can complete in a week – but we have taken as little as 10 hours in the past. “All applications receive immediate attention from a case manager who owns the client’s file from inception to completion. Our case managers are experienced in carefully guiding applications to completion. “The clock is ticking and bridging finance will be crucial.”
From Tom Cleary
The financial sector last week took part in the largest ever test of its preparedness to respond to a crisis such as a terrorist attack or widespread infrastructural damage.
Alliance & Leicester has issued its pre-close statement today updating the City on its performance for the year so far.The mortgages results up to September 2005 show it has continued to focus on the prime core residential mortgage market. During the first nine months of 2005 gross lending was 7.1bn, a market share of 3.5%, […]
The third of a series of reports on the survey of English housing for 2003-04 is released today. It focuses mainly on social renters and private renters and shows private renters pay, on average, about twice as much rent as social renters – but they earn, on average, more than twice as much as social […]
These days, with comparison sites and price competition, it can be hard to see what sets some policies apart. By recommending cover that offers more than a financial payout, you could be giving your clients more than they expect. We know it’s important to do things differently. That’s why all our protection plans available through […]
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