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Brokers slam Woolwich for cutting mortgage porting period

Brokers have accused Woolwich of forcing people off cheap tracker deals after it shortened the period in which borrowers can port their existing mortgage on a non-simultaneous basis from six months to 30 days.

The change affects borrowers who have sold their home and want to port their mortgage but have not yet bought another property.

Chadney Bulgin mortgage partner Jonathan Clark says: “Woolwich is doing this to stop people moving really good tracker rates across. The ability to port an existing product and have a six-month window is useful and it is a shame that a main lender has effectively taken away that ability.”

A spokesman for Woolwich’s parent company, Barclays, insists that the move was made to align the company with the rest of the market and ensure that the system is being “used appropriately”.


‘Platforms are wasting cash on adviser tools’

Platforms are wasting money developing tools for advisers who do not use them, according to consultancy group AT8. Speaking at the Capita Financial Software conference in London last week, AT8 executive director Mark Loosmore said advisers want to use the same tools for every client rather than changing tools depending on which platform individual clients […]

Just Retirement recruits Rothesay Life chief operating officer Jason Wright

Just Retirement has appointed Rothesay Life chief operating officer Jason Wright as programme director. The enhanced annuities specialist says Wright will develop the company’s business strategy and oversee the delivery of its business investment programme portfolio. Just Retirement group operations director Chris Berryman says: “Jason’s proven track record of managing complex change programmes in businesses […]


Isa limit set to rise by £600

Isa savers will be able to invest around £600 more in the next tax year after the Office for National Statistics announced that inflation hit 5.2 per cent in September. Investors are currently able to place £10,680 in the tax efficient vehicles, however that number is set to rise to £11,280 from April 2012, of […]

MP says Isas not helping lower-income savers

Treasury select committee member Jesse Norman says Isas are an ineffective way of helping those on lower incomes save. In March, the Government announced that Labour’s child trust funds would be replaced with Junior Isas, which have an contribution limit of £3,000. At the time, Labour Shadow Treasury financial secretary Chris Leslie warned the move […]

Pensions Dashboards around the World

Steve Webb’s latest policy paper British savers risk being left in the ‘slow lane’ unless the UK Government takes a more active role in ensuring the successful delivery of a Pensions Dashboard. The report, ‘Pensions Dashboards around the World’, coincided with a major conference that was held on Monday 16 May and brought together experts […]


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