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Nemo revamps products

Nemo, the secured loan arm of the Principality, has increased commission on a number of its deals and launched a product with a 8.49% rate, 65% LTV and 5% commission.

The annual charging rate on its Plan A range has reduced to 8.964% with commission increasing from 3% to 5%.

While the annual charging rate on Plan A2 has reduced to 11.328%, with commission increasing from 4.5% to 5%, the commission payable on plans B and B2 has reduced to 3%.

The changes will come into effect on September 10 and it will continue to pay out loans under existing criteria up until October 22 2008.

In an email to brokers today, Sam Marshall, joint managing director at Nemo, says: “I trust that you will agree, that the changes we have introduced are positive and will go some way to help stimulate growth in the market.”


Salt pulls out of market

Salt is to withdraw from the residential mortgage market. Its deadline for direct business is 6pm on September 12, while packager applications with decisions in principle must be received by 6pm on September 19.

Cantor predicts 19% house price fall by 2010

Cantor Spreadfair, the housing spread betting firm which allows investors to bet on the Halifax House Price Index, is predicting house prices will fall 19% by 2010.

Prestbury confirms PTFS talks

Prestbury has officially confirmed it is in talks to transfer around 80 of its appointed representatives to Personal Touch Financial Services two days after takeover negotiations were revealed.

Good times rolled

2007’s lending figures hit £364bn, a record for the industry, but that was before the credit crunch overwhelmed the mortgage industry, says Richard Griffiths

Bridging is no longer a dirty word

It’s not that long ago that short-term finance, or, perhaps more specifically, bridging finance were viewed as dirty words by mortgage brokers. The rates on offer were punishing, meaning there were only a handful of situations where it would be appropriate to arrange one. Some lenders didn’t exactly uphold great reputations for service standards either; […]


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