John Charcol senior technical director Ray Boulger says some lenders are misusing the word flexible to lure customers into buying lifetime mortgages.Boulger criticises Prudential for calling its lifetime mortgage flexible when he says it is a drawdown product. He says it is a market problem, not just confined to Pru, and it would help borrowers if a definition of drawdown was established to prevent confusion. Equity Release Advisory Service head Stuart Wilson called on Safe Home Income Plans to come up with a definition but chairman Jon King refused, saying it would stifle innovation. Boulger says: “Pru’s product is a drawdown and by calling it flexible, they are contravening MCOB as there is no ability to make partial repayments without charge. Lenders can abuse the term for market purposes.” Pru head of sales for lifetime mortgages Jan Holt says: “We would like to make it clear that the flexibility of our property value release plan must be seen in the context of the lifetime mortgage market, not the residential mortgage market. “Our plan is a lifetime mortgage, where interest is accrued on the amount advanced, so the facility to overpay and then borrow back is not something that is available.”
In the past 18 months, Intelliflo has become one of the fastest-growing client management software providers in the adviser market.
Mortgages PLC will launch a direct arm later this year, as its parent Merrill Lynch looks to increase its UK mortgage market share. MPLC has yet to determine a brand name but says its product range will be the same as its intermediary offering.
Gartmore is likely to announce the terms of the private equity-backed management buy out of the investment house “either later today or early tomorrow morning” according to a company spokesman.US group Hellman & Friedman are currently finalising the legal details of the agreement which will be expected to lock in a number of the company’s […]
The Department for Communities and Local Government has hired consultants to shake up home inspector exams to ensure that enough people pass by next June, Money Marketing understands. The move follows industry concerns that not enough home inspectors will be trained in time for a full rollout in June 2007. The Government estimates around 7,000 […]
By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]
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A High Court judge says the FCA can submit evidence in a case that could shape how Sipp misselling claims are handled in the future. In the case, which started today, lorry driver Russell Adams alleges Carey Pensions missold him a self-invested personal pension. Carey Pensions is accused of using unregulated introducers to invest Adams’s […]
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The following sorry verse embodies procrastination on a whole new level: “Hello there, my name’s Phil; I rap like a small bear writing a will [diligently]; Estate-planning, ninja-whooping IHT; Shame I’m not as bizzie [urban affectation] with the RLP.” These words were penned in response to my father’s short verse sent to me, after the […]