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Brokers back bank rate alert

Mortgage brokers have welcomed the Bank of England’s warning to homeowners that it is looking to raise bank interest rates to 5 per cent.

BoE executive director of markets Paul Fisher, who is a member of the bank’s monetary policy committee, said BoE policymakers would like to raise rates to around 5 per cent as soon as possible.

First Action Finance head of communications Jonathan Cornell believes the warning is a positive move. He says: “I think it is a very wise thing to warn home owners about future rises. There are a lot of people out there who forget that base rate is at an all-time low.

“I think we are going to see a lot more remortgaging starting to happen as advisers pick up the phone and tell customers that rates are only going to go one way and it is probably a good idea to remortgage now.”

London & Country head of communications David Hollingworth says: “It is dangerous for borrowers to feel that 0.5 per cent is the natural level for base rate, when it is a record low that has to rise.

“Even 5 per cent would be low compared with historical levels. It is quite sensible for borrowers to always have that in the back of their mind.”


Ashcourt Rowan parent appoints group COO

Syndicate Asset Management, the parent company of Ashcourt Rowan, has promoted director of planning Jeremy Rance to group chief operating officer. The move represents Mark Cheshire’s first key management appointment since his own appointment as interim group chief executive last month, following the resignation of group chief executive Jonathan Freeman. Rance will be responsible for […]

Fund managers tell investors to take the income option

Fund managers have advised investors to focus on income strategies in 2011 as economic uncertainty means growth will be difficult, although many say developed equity valuations remain attractive. In outlooks for the year, they say income strategies will deliver, although one high-profile fund manager accuses rivals of “thinly veiled” self-promotion in their statements. James Harries, […]


Shapps’ call sparks fears at Government house price control

Mortgage brokers are wary about the controls that could be used by the Government to try to bring about housing market stability. Earlier this week, housing minister Grant Shapps told The Observer he wants a period of “house price stability”, where prices rise below the rate of earnings to make property more affordable, especially for […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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