Pink and Derbyshire are launching a non-conforming mortgage range, signalling a move by the society to diversify into niche areas.The range features loans from near prime through to heavy adverse and will be distributed and packaged exclusively by Pink. This is a significant move for Derbyshire, which has so far concentrated on sub-prime by aquiring portfolios through its Derbyshire Home Loans subsidiary. Pink has increasingly been securing distribution and packaging deals in the sector, having announced partnerships with Freedom Lending, Platform and Mortgage Express. The light adverse range includes fixed rates at 6.2 per cent for two years and 6.4 per cent for three years. Two tracker mortgages are available until October 2007 and October 2008 at bank base rate plus 1.5 per cent. There are no overhangs but early repayment charges apply at 6 per cent of the amount repaid in the fixed or tracker period. Full status and self-cert options are available. Net commission is available up to 1 per cent on heavy adverse mortgages. Derbyshire head of intermediary support and development Tony Capon says: “There are a lot of pressures on prime product sales between building societies. “We remain committed to prime but need to augment our presence in other areas so we are becoming more aggressive in the adverse market.”
UK pension schemes could face a governance vacuum because of the growth of defined contribution schemes and reduction of defined benefit schemes says the National Association of Pension Funds.A discussion paper from the NAPF says the shift away from DB schemes will continue but there is no effective mechanism to promote or represent the collective […]
Iimia has appointed Nicholas Hamilton to its board as an independent non-executive director.Iimia chairman William Long says the appointment is the result of the need for an additional non-executive director following the merger of Exeter and Iimia.
The FSA recently published a consultation paper, Suitability Standards For Advice On Personal Pensions, in which it proposes dropping the requirement known as RU64.<
Mortgage intermediary network HL Partnership has signed a deal with Direct Life and Pensions Services.This means HomeLoan Partnership appointed representatives will be able to access protection products from a single on-line point of access as well as the express underwriting service.HL Partnership managing director Martin Cave says: “I see this as a very significant step […]
There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]
- Top trends
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Sales skills in themselves are not a bad thing. It comes down to whether they are truly being used for the benefit of the client, not the adviser.
The merged company owns three platforms: Parmenion, Standard Life Wrap and Elevate, but is promising to keep ring-fencing.
A recent court case emphasises the importance of robust terms of business, clearly stating the scope of agreement with a client