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BM unveils HBOS’s long-awaited FTB offer

BM Solutions will launch its eagerly-anticipated first-time buyer product from Monday, modeled on Northern Rock’s successful Together offering.

The launch of ‘Mortgage Plus’ connects a secured mortgage and an unsecured personal loan. It is only available through intermediaries to prospective borrowers with a good credit history, and the lender says half of prospective borrowers are likely to be declined.

Money Marketing revealed in today’s issue that BM would launch the product from Monday.

It is available as either a fix or a tracker. Only one monthly payment will be required and the combined maximum LTV is 125 per cent, 95 per cent of which is a secured loan on the property and 30 per cent an (or £30,000 whichever is lower) as an unsecured personal loan.

BM stresses it expects a significant proportion of customers to be previous homeowners and customers are likely to be in their early forties or graduates/professionals with high potential for future income growth.

BM managing director Nigel Stockton says: “We are delighted to be able to provide consumers and brokers with five-star service credentials. The product will be available to some FTBs.”


FOS must not make hasty decisions

The Financial Omb-udsman Service is to extend its timescale for introducing a new funding regime. This delay strikes me as bad news for the industry and I hope the FOS will take every opportunity to reconsider.

AFB appoints Sinclair as associate director

Robert Sinclair has been appointed associate director of the newly formed Association of Finance Brokers.The role will involve representing the industry to Government, politicians, civil servants, regulators and policy-making groups.Sinclair was formerly head of advice development and quality, retail banking at Abbey National and previously worked for Inscape Investments and HSBC.AFB director general Chris Cummings […]

FSA bans firm for leaving customers without insurance

The FSA has banned ICM Group from carrying on regulated activities after it found the firm had left around 300 customers potentially without insurance by failing to pass on client premiums to insurers. ICM had used client money to run the daily activites of its business and the FSA has banned the company’s two directors […]


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