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Bristol & West axes remortgage searches

Bristol & West is to insure borrowers against the need for local searches when they remortgage their property in a move which could save clients up to £200.

Local searches are usually carried out by solicitors and the process can take anything up to two months to complete and cost the borrower between £140 and £200.

But B&W says the pro cess of reassessing an area which is already covered under the original mortgage agreement is pointless in most cases.

B&W has taken out insurance to cover compensation costs.

Group product manager lending Dominic Toller says: “While we, like many other lenders, have offered this facility on our range of fee-saver mortgages, we believe we are the first to introduce local search ind emnity insurance on all remortgages. It is good for brokers as it could speed up remortgaging time considerably and it is a great deal for customers as it will make the process smoo ther and cheaper.”


Eagle Star won&#39t reveal growth rate

Eagle Star is refusing to tell IFAs the original growth rates used to calculate their clients&#39 endowment policies.IFAs claim Eagle Star has responded to them in writing, saying: “We do not hold the original growth rates on file. The original seller of each policy should be able to obtain this information.”IFAs believe the rates were […]

The new choice on contracting out

Reports by the Government Actuary may not be at the top of everyone&#39s holiday reading list but the most recent report on contracting out should be of interest to IFAs and perhaps also to the FSA who recently assigned contracting out to the “too difficult for decision trees” file.The report proposes the rebate levels which […]

Bio Genesis

Franklin Templeton Investments&#39 biotechnology fund is an open-ended investment company that invests in biotechnology companies, mostly based in the US.The panel are enthusiastic over the way the fund fits into the market. Jackson says: “The fund has been launched at a prime time. The discovery of the genetic code could lead to phenomenal success for […]

ScotProv&#39s real cost could be slashed

Industry analysts predict the actual figure Abbey National will pay for Scottish Provident is nearer £1.4bn if its reported £2bn bid is accepted.Speculators originally estimated a price of £1.2-£1.4bn. Experts say Abbey&#39s £2bnbid could mean some ScotProv assets being redistributed toits policyholders, which could involve an estimated £400m.Another option for Abbey could be the sale […]


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