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Building societies target offset mortgages

Two building societies are challenging the growing offset mortgage market with new products hitting the market this week from Norwich & Peterborough and Coventry.

N&P says it is the first building society to link a current account with mortgage and savings accounts, while Coventry&#39s product offsets savings against borrowings.

N&P group product manager Gary Lacey says: “Everyone who has been warned that their endowment policy may not repay their mortgage debt should use this as a way to avoid a shortfall.”

Coventry operations director David Stewart says: “The combination of having a flexible mortgage, earning effectively tax-free interest n your savings, and reducing the total amount you repay, is making people think seriously about the real benefits this type of mortgage can bring.”


Vested interest Fof for Charlotte

Investment boutique Charlotte Square is launching a fund of funds that invests only in portfolios in which the manager has placed substantial amount of his or her own money. The vested interest performance fund will invest in around 10 unit trusts, Oeics and hedge funds, including the Fidelity special values trust managed by Anthony Bolton, […]

MLIM chief Jones leaves company

Merrill Lynch Investment Managers head of UK retail Michael Jones is leaving the group this week, with MLIM refusing to comment on the reasons for his departure. Jones, who has been with MLIM for six years, is being replaced by marketing director Richard Royds, who joined the group in 1997 following its acquisition of Mercury […]

Axa serves and protects

AXA SUN LIFE Capital Protected FTSE Bond Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £5,000-no maximum Term: Five years and six months Guarantee: Original capital returned in full regardless of performance of index Return: Up to 77% growth at end of term Closing date: March […]

F&C set for flotation in Europe

Public shares in F&C could soon be available after parent Eureko said it was considering seeking a stock exchange listing for the fund firm which is one of the UK&#39s oldest. Eureko, the Amsterdam-registered financial services group, will look to retain a majority shareholding following an initial public offering, which it says will have no […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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