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Britannia follows base rate cut with 5.14% fixed deal

Britannia, the UK&#39s second-biggest building society, is offering a new

fixed-rate mortgage for first-time buyers and remortgages.

The loan is fixed at 5.14 per cent for two years up to 75 per cent loan to

value and at 5.34 per cent up to 95 per cent LTV.

After the fixed period, the loan reverts to Britannia&#39s variable rate,

which stands at 6.64 per cent following the Bank of England&#39s 0.25 per cent

base rate cut last week. Borrowers receive free unemployment cover for 12

months, free homebuyers&#39 cost protection insurance and an annual cash bonus

through Britannia&#39s loyalty bonus scheme, which has handed back more than

£200m to members over the past five years.

There is a £295 arrangement fee but no Mig charge for borrowers with

at least a 10 per cent deposit.


Equitable compensation is &#39worthless&#39 after cuts

Compensation paid to Equitable Life policyholders over pension missellinghas been rendered almost worthless by the drastic with-profits fund cuts. IFAs say much of the compensation received for pension misselling is nowworthless and believe the pension review is fatally flawed if companiesare able to reduce the value of contracts after compensation has been paid. Equitable policyholders […]

European fund growth slows in 2000

European fund growth slowed in 2000, with mutual fund assets rising by only 5.2 per cent in 2000, down from a 35 per cent increase in 1999, according to figures from Lipper.Of 2,460 new funds launched in 2000, 1228 were equity, 369 bonds, 343 balanced and 268 were fund of funds.Lipper global marketing director Steve […]

NU slashes bonuses as smoothing hits the rough

Norwich Union is cutting terminal bonuses by up to 5 per cent across allits with-profits policies. NU says it has been forced to make the cuts because the effects of poorstockmarket performance are so great that they cannot be smoothed out. Returns on NU&#39s funds are down by 7 per cent for the first half […]

Super-ethical fund for Islamic community

Indian financial services group Parsoli has teamed up with Gerrard andCity Financial to offer a super-ethical fund targeted at the UK Islamiccommunity. The Parsoli global Islamic equity fund will invest in blue-chipcompanies across the globe which do not make their returns from fixedinterest, gaming or gambling, the manufacture of pig or pork products oralcohol. The […]

Recording sickness absence cover - thumbnail

White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


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