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Cambridge launches limited edition three-year fixes

Cambridge Building Society has established a range of limited edition three-year fixed rate mortgages with lower rates and application fees than its standard three-year fixes.

One of the deals is fixed at 4.99 per cent until January 31, 2015 for loans up to 90 per cent of valuation to a maximum of £300,000. The other rates in this range are fixed at 3.29 per cent to a 75 per cent LTV, 3.59 per cent for loans up to 80 per cent LTV and 3.99 per cent for loans to 85 per cent LTV.

All rates in this range have a £999 application fee for new loans and additional borrowing of at least £50,000. This fee can be split between a non-refundable £299 payable on application and the remaining £700 can be added to the loan. A £249 application fee applies to additional borrowing under £50,000, which includes a non-refundable £99 upfront, while the remaining £150 can also be paid upfront or added to the loan.

Other incentives include free valuation for all applicants and free standard legal fees for remortgages. An extra £99 admin fee applies to remortgages .If borrowers switch to a different lender or makes a capital repayment above the 10 per cent a year allowance, a 4 per cent early redemption charge is payable.

Defaqto insight analyst for banking David Black says: “There are 111 three- year fixed rate mortgages that are available for those seeking 90 per cent LTV. The average rate charged is 5.71 per cent with a £647 arrangement fee. So, the Cambridge’s new 4.99 per cent fixed rate with a £999 fee has a competitive rate but it is some distance behind the pick of the bunch which is undoubtedly Leek United Building Society’s 3.99 per cent fixed with a £995 fee.

“Against this stiff competition, however, the new Cambridge offering does have the advantage of a free valuation and, for remortgages, free standard legal fees.”


Holland wants single complaint system

The draft Financial Services Bill needs changes due to the Prudential Regulation Authority being subject to a less transparent and less independent complaint process than the present system, says Complaints Commissioner Sir Anthony Holland. Currently, the commissioner investigates complaints against the FSA where the regulator has rejected a complaint about its actions but where the […]

Mundy: UK banks are “value traps”

Investec’s fund manager Alastair Mundy, who runs the £487.7m Investec UK special situations fund and the £2bn Investec cautious managed fund, says he is staying away from UK banks as there is a risk they will “go bust”. Mundy’s only bank holding is a 6.7 per cent position in HSBC within his special situations fund. […]

Premier appoints Jacob Robbins to global alpha fund

Premier Asset Management has appointed Jacob Robbins as lead manager of the Premier global alpha growth fund. Robbins was at Investec Asset Management where he was global dynamic equity portfolio manager from February 2005.  Prior to joining Investec, Robbins worked for Insight Investment latterly as global industrial analyst. Robbins will be joining the global equity […]


Top bosses leave HML

HML chief executive Brian Brodie and chief commercial and finance officer Neil Warman have decided to leave the company. Skipton Building Society group finance director and HML chairman Richard Twigg says: “We  would like to thank Brian and Neil for the enormous contribution they have made to HML over the last three and a half years […]

Neptune video: Indian valuations and Modi’s pro-investment agenda

Kunal Desai, Head of Indian Equities, discusses his expectations for the Indian market and highlights the key indicators that he is watching for 2015.

In the video, Kunal addresses:

• Indian equity valuations and the importance of stock selection in gaining exposure to the earnings upgrade cycle

• The BJP’s strengthening ambition in its pro-reform, pro-investment agenda


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