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Abbey offers fixed deals for NewBuy scheme

Abbey for Intermediaries has launched a range of products for the Government’s housing initiative NewBuy.

AFI is offering three and five-year fixed rates at 5.49 per cent and a seven-year fixed rate at 5.99 per cent. All three products are available for a £99 fee.

Only brokers who are on the panels of the four housebuilders AFI is dealing with – Barratt Homes, Berkeley, Bovis Homes and Persimmon – will have access to the products.

All products come with AFI’s homebuyer solution, which includes a free standard mortgage valuation and £250 cashback on completion.

The Government underwrites up to 5.5 per cent of the loan on newbuild properties while builders give 3.5 per cent to the lender to hold for seven years, after which it is returned minus any losses.

NatWest, Nationwide Building Society and Barclays were the only lenders taking part when the scheme launched in March although Halifax joined this month.

Less than two months after the scheme’s launch, all three of the initial lenders raised their rates.

John Charcol senior technical manager Ray Boulger says: “The free valuations and cashback will be a big help for those with a small deposit.”



7IM to offer advisers banking and lending functions

Seven Investment Management is enabling advisers to take deposits and offer clients loans through its platform. 7IM chief executive Tom Sheridan says the new functionality aims to give “topend” advisers the ability to compete with private banks. He says: “We think deposits are of great importance and will help top-end advisers compete with private banks. […]

Investec unveils RDR share classes

Investec Asset Management has unveiled new share classes for its UK-domiciled Oeic fund range ahead of the retail distribution review. The company has made a share class with a 0.75 per cent annual management charge available to fund platforms and advisers. The new share class is available on the group’s risk-rated Managed Solutions Range and […]

Fund expert: Don’t rush to buy Facebook founder and Dennehy Weller managing director Brian Dennehy says investors should not rush in to buy Facebook after it floats on the stockmarket. In a report about the technology sector, Dennehy says investors should be wary given the volatility in markets at the present time. Facebook is expected to be valued at over $100bn as […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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