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Commercial First launches into all status market

Commercial First Mortgages has launched a new commercial mortgage targetting the UK&#39s SME business community.

Commercial First says this new product will enable it to compete directly with high street lenders throughout the UK.

The interest rate on the product starts at 2.5 per cent above LIBOR. It has a maximum loan size of £2m and loan to value of 75 per cent on advances of up to £500,000, 70 per cent on loans over £500,000 and a ceiling of 60 per cent on advances of £1m or more.

Early redemption charges are 6 per cent of the balance in year one, 5 per cent in year two, 4 per cent in year three, 2 per cent in year five
and 1 per cent thereafter.

Broker/IFA commissions are set at 1.5 per cent.


NU cuts payouts by up to 10%

Norwich Union is cutting policy payouts by up to 10 per cent although its with-profits fund saw a return of 11.5 per cent last year. The company has maintained many of its regular bonus rates. However, conventional Norwich Union Life and Pensions life and investment policies with terms of 20 years or more will see […]

Anger over Liverpool Vic admin reshuffle

Leading protection intermediaries are criticising Liverpool Victoria&#39s normally high service standards, saying they have fallen off since the firm announced plans to move life policy admin from Exeter to Bournemouth.Life Policies Direct director Jason King and Lifesearch senior technical adviser Kevin Carr say files are being lost between the two offices and there is confusion […]

Watchdog says IFAs will bear brunt of big rise in structured complaints

The Financial Ombudsman Service is expecting a further increase of structured product related complaints this year, with IFAs receiving the higher proportion as more bonds reach maturity. Head of communications David Cresswell says complaints against IFA firms tend to come after those against providers. In its half-year estimates published last week, the FOS says it […]

Verity&#39s view

Iain Lumsden&#39s sudden departure from Standard Life after 36 years at the company was, officially, simply a matter of timing.The life insurer&#39s strategic review – which will consider, among other options, the demutualisation of Europe&#39s biggest mutual company – would take too long for him to see it through before his planned retirement date so […]


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