View more on these topics

Egg alters its ads for two-year fix

by Guy Anker

Egg has changed its two-year fixed-rate mortgage ads after criticism from John Charcol senior technical director Ray Boulger in Money Marketing last week.

The bank initially failed to state that early repayment charges applied for three years on what is considered to be a high variable rate after a discounted 4.74 per cent for the first two years. It also got the base rate wrong when advising on its variable rate, which is 2 per cent above base, once the discount period is over.

It said the variable rate was 6.75 per cent, which indicated the base rate is 4.75 per cent, when it is actually 5 per cent. That has now been corrected.

Boulger had accused Egg of being “cavalier” and of “taking the art of non-compliance to a new level” by hiding early repayment charges behind a high variable rate.

But Egg reacted quickly to alter its press ads and says it plans to correct its website ads this week.

A spokeswoman says: “The ERC and correct base rate should have been there in the first place but the changes have now been made to our press ads and the website will also be changed this week.”

Recommended

No wriggling out of it

Non-advisers should not be allowed to hide behind an array of confusing signals.

Widows of opportunity

by Robert Reid Birthday parties have the potential to provide a thoroughly enjoyable evening and Scottish Widows’ party to recognise 20 years of the Widow was no exception.

More fruitful comparisons

It is the time of year when investment managers start to finalise their forecasts for the next year and there is an almost universal view that 2007 will see a perfect soft landing for the economy, with a minimum of disruption.

Happy while you work

Well we’ve had scorching weather (yes even up here in Scotland!) and now the Euros 2016 are on – you can’t blame people for wishing life was just one big holiday.  With all these distractions it sometimes feels like work just gets in the way of having a good time! But sunny day skivers are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment