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Consumer borrowing set to soar

Consumer borrowing is set to soar this month with people intending to borrow an average of £74, according to research from Alliance & Leicester.

This is more than double the equivalent figure for November 2001, which was £29. Londoners are borrowing the most, up to £206, which is half their monthly disposable income. Saving is increasing, however, with consumers saving an average of £172 and intending invest £205.

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Future signs up packagers

Non-conforming lender Future Mortgages is doing business through packagers for the first time to extend its distribution channels in a bid to increase its market share.It has selected six packagers, EM Financial, Midland and General Mortgages, National Guarantee, Oryen, Premier Mortgage Packagers and the Finance Centre. It will also continue to deal directly through IFAs […]

New fears over Equitable unit-linked assets

The security of Equitable Life&#39s unit-linked assets is again under question, with consulting actuaries Watson Wyatt saying it is not convinced the funds are safe in the event of insolvency.Following Watson&#39s concerns, its clients, including Lloyds TSB, are sending transfer applications to hundreds of their members who have unit-linked AVCs with Equitable saying the future […]

Chelsea launches new fixed and discounted loans

Chelsea Building Society has today launched new fixed and discounted rate mortgages which has an introductory rate of 4.69 per cent fixed until June 1, 2004.Other features of the product include an arrangement fee of £295 and an early repayment charge of 3 per cent against all capital repaid before the fixed period expires. The […]

Appointments at Royal London

Royal London has announced the appointment of Chris Ide as chief executive of its retail operations. Ide joined the mutual in late 2000 and has been leading the provider&#39s push into new markets and methods of distribution.Before Royal London, Ide headed up Swiss Life&#39s European division based in Zurich. Prior to that he was Swiss […]

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]

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