View more on these topics

Clerical targets IFAs with offset commercial loan

Clerical Medical is launching an offset commercial mortgage to the IFA market and says it could enter the dom-estic mortgage market in the future.

The Smartfinance offset mortgage from Bank of Scot-land will be offered through Advice Matters&#39 intermediary support programme.

The mortgage is available at between Bank of England base rate plus 1.5 per cent and base rate plus 2.5 per cent depending on the loan to value, which is available up to 75 per cent. Standard commission is 0.5 per cent of the amount drawn.

Clerical believes the product is ideal for self-employed business clients and says the average commercial loan amount of £150,000 is higher than the average residential mortgage, which would give an average commission payment of £750 per loan.

Clerical says it is offering the product rather than one of HBOS&#39s five mortgage brands because it is the closest to IFAs.

It says it might look at the domestic mortgage market in the future.

Market development manager Charles Evans says: “Smartfinance will be a useful addition to the range of products and services that Clerical Medical offers to its corporate clients as well as providing them with a product which can be utilised to develop their own businesses further.”

Recommended

Loans to Newcastle in £25m release deal with Hodge

Newcastle Building Society is buying £25m worth of equity-release mortgages from a Cardiff specialist. The deal between Newcastle and Julian Hodge Bank subsidiary Hodge Equity Release will significantly boost the society&#39s presence in equity release. The mortgages will be transferred to Newcastle&#39s book and administered by Hodge. The funding that Hodge gets from the Newcastle […]

A welcome return

A new player has emerged phoenix-like from the ashes of the Britannic Retirement Solutions management team. Just Retirement, led by former BRS and Stalwart chief Mike Fuller will seek to provide a range of impaired-life annuities and equity release for the at-retirement market. The closure of BRS was mourned by IFAs at the time so, […]

Release rises in North, falls in South

Equity release IFA Key Retirement Solutions predicts equity release sales will reach £1.15bn by the end of 2004. It says the value of new equity release plans rose to £289m in Q2 from £270m in Q1, with sales growing very strongly in the north in the first half of the year, up by 34 per […]

1

&#39£40k college costs in 2022&#39

The cost of sending a child to university for three years could reach 41,200 by the time today’ babies reach 18, says The Children’ Mutual. It is offering a free guide to parents on saving for university fees. Chief executive David White says 40 per cent of today’ undergraduates have not had any financial provision […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com