Coventry Building Society is offering home loans over the internet. Its introductory mortgage is at 5.39 per cent fixed until early 2003 or there is a discounted rate deal of 2.35 per cent off its standard variable rate which stands at 7.7 per cent. Coventry will also pay for the valuation and legal costs.
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Private Label launches mainstream mortgage
Costs associated with buying a home such as legal fees and stamp duty are slowing down the housing market, according to Private Label. The mortgage packager is launching a mainstream discount mortgage which allows house buying costs to be added to the loan up to a maximum of 105 per cent LTV with no MIG […]
Portman's 5.99 per cent is cheapest on market
Portman Building Society has brought in the 5.99 per cent fixed rate mortgage. Aimed at first time buyers and remortgages, the mortgage is fixed for five years at 5.99 per cent for loans up to 95 per cent of valuation. At the end of the fixed rate period the mortgage will revert to Portman's standard […]
Moneyextra is sold in switch back to B2B
Moneyextra is ditching its consumer portal and going back to concentrate on the intermediary sector with a complete e-commerce service geared up for multi-ties.The Moneyextra consumer site, which has been a source of financial strain on the company, has been sold to Bristol & West for £26m.Many users had accused Money extra of neglecting its […]
Seam star manager quits for hedge fund
Scottish Equitable Asset Management has lost the star manager of its American assets fund, Neil Smeaton.Smeaton, who has been Seam's head of US equities for four years, is leaving to run a hedge fund. He is one of a raft of senior fund manager to quit top UK investment houses recently and move into the […]
How QE is distorting the gilt market
By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]
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FSCS to pay back 2,700 clients of collapsed DFM Beaufort
The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Profile: Fiducia on really knowing your clients
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
FCA warns over advisers giving ‘inadequate information’ to DB transfer specialists
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]
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