View more on these topics

Countrywide announces new MarketGuard agreement

Countrywide has signed an agreement with the insurer MarketGuard to distribute its rate capping insurance product, RateGuard.

Under the terms of the new agreement, RateGuard will be recommended to clients who are unable to remortgage but want to protect themselves against the effects of future interest rate rises.

Grenville Turner, chief executive of Countrywide, says: “RateGuard presents a huge opportunity for Countrywide to help the thousands of customers ‘trapped’on SVRs who are unable to remortgage.

“For years, SVR customers have felt that they only have two options; either remortgage or stay as they are and chance huge repayment increases if the Bank of England increase interest rates, but RateGuard presents a genuine alternative for those without the equity in their home to remortgage at an attractive rate.

Chris Taylor, CEO of MarketGuard, says: “The FSA estimates that changed lending conditions have already left in excess of two million people unable to remortgage. If interest rates start to move upwards in response to inflationary pressure this number will increase dramatically. RateGuard allows Countrywide’s consultants to protect their clients from the effects of interest rate rises by paying a monthly insurance premium, typically as little as £30 per month for 24 months’cover based on a repayment mortgage of £100,000 and an excess of 1%.”




Brokers get poor marks in survey of estate agents

Research by Obligo has shown that 31% of estate agents are dissatisfied or very dissatisfied with their mortgage broker. Of the 300 estate agency firms surveyed, 51% say the service they receive from inhouse or outsourced brokers was average, with only 15% satisfied or very satisfied. The biggest problem, with 71% of the vote, was […]

MMR paper proves regulator does not understand industry

I was interested to read last week the Financial Services Authority’s proposals on distribution as part of the Mortgage Market Review. It called for new labels to describe a firm’s service as either restricted or independent, the axing of the Initial Disclosure Document and the requirement that firms disclose to customers whether they will consider […]


News and expert analysis straight to your inbox

Sign up