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MMD condemns governments SIPP u-turn

My Mortgage Direct has condemned the government for taking away a much-needed savings vehicle by excluding residential property from the SIPPs rules.

The chancellors U-turn in this weeks pre-budget report should not have come as a complete surprise, says Cath Hearnden, director of MMD.

Hearnden says: We have always been slightly nervous of this scheme, simply because it seemed too good to be true.

She says the main losers are the many thousands of buyers who tried to get ahead of the game by proceeding with investment purchases.

Hearnden adds: Now, instead of taking comfort in the knowledge that their pension pot is thriving, many investors will find themselves struggling with an unexpected financial burden.

The government has missed a rare opportunity to capture the publics imagination to save for retirement. As a nation of homebuyers, this is the first savings scheme that has had real appeal and now the government has stamped on it. Its very disappointing.

She believes that it would only have been a small percentage of those investing residential property in a SIPP who would have been in a position to abuse the rules.

Hearnden adds:The majority of people simply dont have the funds to invest, and I dont believe that either the cost to the public purse or the first-time buyer housing market would have been anything like as extensive as the government implies.


It’s time for lenders to declare what they earn in this regulated world of ours

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Dear Delia

I am advising a married couple, Dave and Linda, who are buy-to-Iet investors with three properties. They now want to expand their portfolio. They have worked on their finances, paying attention to the value of their existing investments and have established they are in a position to access equity from their existing properties. They now want to know what options are available to them to allow them to expand their portfolio.

The FSA finds no evidence IFA firms “fob off” mortgage endowment complaints

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West Brom boosts local fundraising

The West Bromwich, in partnership with the Mercian Trust, is donating 10,000 to support local seasonal fundraising activities. Among the beneficiaries are the Phoenix Singers, who will give a fundraising concert in aid of St Mary’s Hospice at the Adrian Boult Conservatoire in Birmingham on December 17. West Brom is also working with the Birmingham […]


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