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Northern Rock increase variable rates

Northern Rock is increasing its variable mortgage rates following the increase in the Bank of England Base Rate on 3 August 2006.

For Northern Rock borrowers whose loans qualify for a loyalty discount after seven years, the new Loyalty Rate will be 6.59% per annum with effect from September 1 2006 following a 0.25% discount off its standard variable base mortgage rate.

Northern Rocks SVR will increase by 0.25% to 6.84% with effect from September 1 2006 both for new applicants and existing borrowers.

Rates paid to Northern Rock savers are currently under review. Any savings rate changes will also take effect from September 1 2006.


Edeus’ circle of trust packagers revealed

Edeus says it will not rule out talking to any packagers that want to join its ‘circle of trust’ panel, as it reveals the names of the first 15 firms and associations to join. The packagers on the panel are AMPD Packager Network, BDS Mortgage Group, Chase UK, Complete Mortgage & Loan Services, Connect Mortgage […]

Retention fees could tempt lazy brokers

The thorny issue of proc fees is becoming even more prickly. Until recently my main concern was that some brokers were happy to churn their clients just to pocket the proc fees. When the time swung around for a mortgage review, a fresh home loan product and provider would be identified and the broker would enjoy another pay day.

Use summer time to make living easy

Recent weeks have seen not only the weather hot up but also the Financial Services Authority’s attitude to the mortgage market. We have seen action taken against an individual and heard about the famous four networks.

Landlords warned on rogue estate agents

Landlords should beware of third-rate letting agents, warns risk consultants Leaseguard.Mairi Scott, managing director of Leaseguard, says: Too many landlords get caught out by thinking they can just appoint a letting agent, hand over the keys, then sit back and wait for the money to roll in. Others put a postcard in a newsagents window, […]

A question of service

Roy Armitage, head of credit, LendInvest Selling a loan is the part of a lender’s workload most visible to brokers and borrowers. Just as crucial – but less frequently observed – is how that lender services that loan. A commitment to quality servicing is one that’s front and centre for us at LendInvest and it’s […]


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