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CML welcomes cut as lenders slash rates

The Council of Mortgage Lenders has welcomed the announcement by the Bank of England to cut interest rates to 4.75 per cent from 5 per cent. The CML says the move will help underpin consumer confidence and counter the risk of recession following the terrorist attacks last week.

A host of lenders have already responded to the cut by slashing mortgage rates. Nationwide, Virgin One and Birmingham Midshires are among those which have passed on the full 0.25 per cent cut, but Abbey National has only made a 0.10 per cent reduction in a bid to protect savers.

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Mansfield undercuts the opposition

Mansfield Building Society has undercut the opposition with its five-year discount mortgage.Mansfield has given the mortgage a discount rate that steps down over the first five years of the loan. For the first year it has a 2.5 per cent discount, for the second year it has a 1.5 per cent discount, for the third […]

Arla calls on Government to overhaul housing benefits system

The Association of Residential Letting Agents is calling on the Government to overhaul the housing benefit system to help landlords raise standards in the rental market. Arla chairman John Crossley told housing minister Lord Falconer last week that the quality of accommodation in the lower end of the rental market will remain poor unless the […]

FSA sought clarity after confusion on fund suspensions

The FSA called for clarity from UK investment firms last week as confusion reigned in the IFA community over which funds remained open for trading.On Wednesday, the day after the terrorist attacks in the US, the majority of fund managers suspended all funds with significant exposure to closed markets – principally US, Far Eastern and […]

Euroland rate cut of 0.5 per cent

The US Federal Reserve has made a 0.5 per cent cut in interest rates to 3 per cent minutes before the opening of the New York Stock Exchange.The cut, the Fed&#39s eighth this year, had been anticipated by some analysts, and is aimed at securing investor confidence to avoid panic selling.The Bank of England Monetary […]

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]

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