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Exclusive offering 105% LTV on loan

Mortgage packaging network Exclusive Connections is introducing a mortgage

offering 105 per cent loan to valuation.

The product, which is funded by Mortgage Express, is based on a current

payable rate of 6.25 per cent with a 1 per cent discount for two years.

The loan is subject to income multiples of 3.25 per cent or 2.5 per cent

for joint applications. Minimum loan size is £40,000 and applicants

can borrow up to £250,000 between 95-105 per cent LTV. The maximum for

first-time buyers is 102 per cent LTV.

The loan is open to applicants over the age of 21 who have been employed

for a minimum of three years. It offers the facility to underpay and

overpay as well as take payment holidays. The product has a £100

introducer&#39s fee.

Managing director Patrick Day says: “This scheme is ideal for applicants

wanting a discounted rate but who might not have the choice of a deposit.”


Equitable reserves extra £200m for pensions misselling

Equitable Life’s troubles continue to deepen with news it has had to set aside £200m of reserves to cover compensation for possible pensions misselling. The contracts under question are income drawdown policies, of which there are around 15,000. Equitable has also had to bolster the reserve for its guaranteed annuity liabilities to £2.6bn from the […]

Aberdeen blocks Euro tech fund dividend

Aberdeen Asset Management has been forced to stop the dividend on its European Technology & Income Trust, after the fund’s value was decimated to just £14m.The fund, which was launched just a month before the global technology crash last February, has seen around lost around £386m of the £400m invested.As a result of the news, […]

Bogard goes back to Moneyextra

Mark Bogard has rejoined Bristol & West-owned IFA Moneyextra to take overas managing director of recently acquired Willis National in addition toMoneyextra. He replaces current Willis National chairman and chief executive JeremyBudden. Bogard, 39, returned to the IFA from The Exchange ahead of theannouncement of Bristol & West&#39s £40m plans to buy Willis from WillisGroup […]

Sandler may re-examine commission agreement

The concept of the maximum commission agreement may be examined again according to the latest Treasury leak about the Sandler Review to a national newspaper.Any such move would be welcomed by many IFAs. The maximum commission agreement was scrapped under pressure from the Office of Fair Trading which had concerns it was anti-competitive.Reports also suggest […]

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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