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CML warns of the dangers of Cat marking

The Council of Mortgage Lenders is warning that Cat standard mortgages may not be the most appropriate loan type for all borrowers.

The CML says it is important borrowers understand that a Cat standard mortgage is not a guarantee it is the most suitable loan to meet their needs and is not a substitute for taking advice.

The voluntary regulator says there is a danger that consumers will assume that &#34Cat mortgage equals good and a non-Cat equals bad.

CML director general Michael Coogan says: &#34The CML and lenders support proposals to make information for borrowers clearer and easier to understand so that they can make good mortgage buying decisions.

&#34But it is very important that consumers do not see Cat standard mortgages as the only desirable type of mortgage.&#34


Financial services facing £250m VAT bill over temporary staff

The financial services sector could be left facing a £250m a year VAT bill for temporary staff under Government proposals for the recruitment industry reports the Financial Times.The proposals would see financial services firms hit by the massive bill as they would have to pay VAT on wages they pay temporary staff. At present they […]

IFA publishes retirement planning guide

Bath based IFA Chartwell Investment Management is offering people guidance through the complex maze of retirement products.The &#34Guide to Retirement Options&#34 provides explanations of the products available. It also supplies details of the advantages and drawbacks of the different types of annuity as well as phased income withdrawal and the effects of commission.The guide is […]

NatWest chief exec ousted

NatWest Bank chief executive Derek Wanless has been ousted from his post as part of a shake up in response to Bank of Scotland hostile £21bn takeover bid according to the BBCHe will be succeeded temporarily by the groups chairman David Rowland with Ron Sandler brought in a chief operating officer and director.Sandler has previously […]

Lenders accused of launching mediocre products

Lenders stand accused of launching mediocre products to avoid being swamped by business in case the millennium bug causes chaos.Mortgage brokers believe some lenders have deliberately stacked their mortgage ranges with moderately priced, unattractive deals.They are aiming to keep sales low, avoiding having to process high volumes of business at the end of the year […]


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