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Commercial First spells it out for borrowers

Commercial First has launched an illustration facility to give clients a summary of the costs and charges of commercial mortgage contracts.

The Commercial First Illustration, which is the first of its kind, contains details of the terms of a mortgage contract including payments during and after the fixed rate or interest-only period expires. It also makes clear all associated fees and early repayment charges payable.

Andrew Montlake, partner at Cobalt Capital, says: “Commercial mortgages are different from residential mortgages and it can be unclear what the terms of these deals are. This is a good way to help brokers with basic commercial deals.”


Young people live in twice as many homes as their grandparents

British people move home more often than ever before and are planning for a lifetime of regular relocation according to new research from the average over 65 year-old has moved 5.7 times in their life, spending an average of 9.2 years in each of their homes, the average 41-45 year old has already moved […]

ifs reveals new name

The Institute of Financial Services has been renamed ifs School of Finance.The new name has been chosen to be more representative of the ifs as it develops its financial education provision, both for the industry, and for consumers as an essential life skill.Mark Roberts, head of financial regulation and corporate and academic relationship management at […]

First-time buyers pay highest on record, says CML

The average first-time buyer was paying 3.21 times their income to get amortgage in June – the highest figure on record – new data from the Council of Mortgage Lenders reveals. This was up from 3.20 times the average income in May, and 3.06 times in the same month last year.But, despite this rise, the […]

Nationwide appoints manager intermediary channel

Peter Saint-Ruth has been appointed senior manager for the intermediary channel and product development at Nationwide. He was previously national account manager within intermediary markets at Nationwide.Tim Hughes, head of intermediary markets, says: “I am delighted to welcome Saint-Ruth to the role of senior manager within intermediary markets. “Our focus going forward is to ensure […]

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Changes to capped drawdown tables

The tables used for capped drawdown maximum income calculations have been updated. We look at the reasons for the change and what the impact could be. Changes to capped drawdown tables Capped income drawdown involves taking a pension directly from a fund instead of buying an annuity. However, there’s a limit on the maximum amount […]


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