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&#39Many borrowers are using flexible mortgage features&#39

Nearly half of flexible mortgage holders have taken advantage of their features, with many overpaying their loans by up to 100 per cent a month, according to new research.

The research by the Council of Mortgage Lenders and Office of the Deputy Prime Minister found that one in five borrowers have used the option to draw down equity from their home and a quarter have either doubled their repayments or paid a one-off lump sum to reduce their debt.

According to the report, the average flexible mortgage holder is slightly older and earns more than the average borrower while a third have savings of over £10,000.

CML deputy director Peter Williams says: “Flexible loans have been rapidly growing in popularity. At the moment, many borrowers are showing a strong preference for lower risk by using flexibility to reduce debt. While flexible loans may be more expensive to administer for lenders, they see them as an important means for attracting new borrowers and helping them meet their changing needs.”


Zurich moves Keogh from ZIFA to ZAN

Zurich Financial Services has appointed Chris Keogh as financial planning director of Zurich Advice Network. He was previously distribution director of Zurich IFA Group. The appointment comes ahead of an announcement on the company’s distribution strategy in Autumn to take advantage of the current changes in the market.

Berkeley Morgan buys up Summit

Berkeley Morgan is buying rival IFA Summit Financial Holdings in a deal worth about £533,000, which will increase its RIs to 340 from 290, including mortgage advisers.The two companies have worked closely together since October 2001 when Berkeley made an initial investment of £439,500 in Summit. The latest deal means Berkeley buys a further 74 […]

NDF Administration – Extra Income & Growth Plan 11

Friday, July 26, 2002 Type: Guaranteed equity bond Aim: Growth and income linked to the performance of the Eurostoxx 50 index Minimum-maximum investment: £10,000-£1m, Isa minimum £7,000 Term: Three years and two months Guarantee: Capital returned in full at end of term provided index does not fall by more than 20% Return: 10% a year […]

Carnaby EIS finances Spivs

Carnaby Productions is aiming to raise up to £5m through an enterprise investment scheme (EIS) to finance Spivs, a comedy film set in London&#39s East End.This EIS follows in the footsteps of Carnaby Films, a previous EIS which was used to finance A Flight of Fancy, a film which starred Maureen Lipman, Samantha Beckinsale and […]


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