Housing minister Yvette Cooper has urged more lenders to join the Openmarket Homebuy scheme to help to reduce rates.The scheme to help key workers and first-time buyers launched this week but without one of the expected quartet of lenders. Advantage, Nationwide and Yorkshire Building Society are all on board but Bank of Scotland says it will not be ready to launch until later this year. The rates available range from 5.59 per cent to 6.59 per cent. Cooper confirms that the Government is talking to other lenders about joining the scheme. The scheme works as a 75 per cent mortgage, with the lender and Government funding the remaining 25 per cent, although interest is payable on the lender’s share after five years. Cooper says: “The more lenders involved, the greater the competition in terms of rates.” Chase de Vere Mortgage Management director Nick Gardner says: “There are quite a lot of restrictions on this scheme and it is far from a cure to the problems faced by key workers but it will help some people, and the Government’s other shared-equity scheme may help more still.”
Standard Life has suggested auto-enrolling people into a life insurance policy as they enter the NPSS to address the “criminal” lack of protection for many low-paid employees. Speaking at a fringe event at the Labour Party conference in Manchester last week, chief executive Trevor Matthews said a similar scheme worked in Australia when pension compulsion […]
F&C is closing its Aim growth fund on October 30 due to low demand. The £7m fund is run by Catherine Stanley and was launched in September 2001.
Jupiter Asset Management has appointed Alison Treharne and David Brown as sales managers on its UK team.Treharne joined Jupiter on October 3 as regional sales manager for the South West and Midlands. She joins from DWS where she was sales manager for the same areas and was previously a sales manager at Zurich and Fidelity.She […]
Law Commission proposals would introduce non-contestability after three years
The managers of the Artemis Global Select Fund are buying back some of the equities they took profits in at the start of the year. To watch the video click here
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