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£3bn wasted on mortgages says HSBC

UK homeowners are being charged almost £3 billion over the odds by lenders with high standard variable rates, says HSBC. The bank dropped its Home Buyer Mortgage variable rate to 4.49 per cent last week, and says that 7 out of the country’s top 10 lenders charge their customers at least £14,000 more than its own 4.49 per cent.

Head of banking and mortgages at HSBC Clive Wood says: "With the base rate at 3.5 per cent, there’s no reason why homeowners should be paying over 5.5 per cent interest on a variable rate mortgage."

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Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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