First Active is entering the buy-to-let market for the first time as part of its plans to expand its product range to intermediaries.The firm launched to mortgage intermediaries in June last year and is now widening its range with fixed and discount BTL mortgages for clients with a maximum of five properties. The fixed rate is set at 5.19 per cent rate until November 30, 2007 and the two-year discount is 5.54 per cent variable, tracking the bank base rate and then a rate of 5.85 per cent for the rest of the mortgage term. No proof of income is required as monthly rental income must be at least 130 per cent of monthly interest payment at the long-term rate. National partnership manager Louis Kaszczak says: “We are launching our new BTL products exclusively through intermediaries as we believe their expertise is vital in the sales process, ensuring responsible lending and that clients fully understand what they are arranging.” London & Country head of communications David Hollingworth says: “The rates are priced competitively but are not absolutely market-leading. It seems as if they are looking to test the water first.”
Our panel of experts discuss the nature of domicile and how it impacts on an individual’s tax status
IFAs are breaking the FSA’s depolarisation rules and failing to provide an adequate fee option to their customers, say the two biggest IFA bodies. Aifa and the Personal Finance Society are warning their members to ensure the fee option is embedded in their business if they want to operate under the IFA banner or risk […]
Nvesta has established the accelerator growth plan 3, a six-year guaranteed equity bond linked to the performance of the Dow Jones Eurostoxx 50 index.
West Bromwich Building Society paid 6.8m to buy the broker franchise Mortgage Force in March. The building society’s annual report and accounts confirm an up-front cash sum of 6m while the 0.8m was a deferred purchase consideration. Mortgage Force’s last results before the acquisition showed a profit of 121,000 for the year ended March 31, […]
Johnson Fleming has partnered with Openwork in order to make its managed auto-enrolment service available to Openwork’s advisers.
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The Pensions Advisory Service chief executive Michelle Cracknell has said that the guidance service is seeing more “legal scams” designed to defraud pension savers. In a blog on The Pensions Regulator’s website, Cracknell notes the rise of cases where legal pension wrappers are used, but assets are being transferred into unsuitable investments. Cracknell writes: “Pension […]
St James’ Place’s funds under management have passed the £85bn mark as the firm boasts “continued strong retention of client funds”. In a trading update this morning, the firm says funds under management have risen 14 per cent since the start of the year to reach £85.7bn, with net inflows of £6.7bn in 2017 to […]
The number of Sipp related complaints at the Financial Ombudsman Service has continued to rise. Between July and September, 767 Sipp enquiries were received, FOS data out today shows, compared with 678 for the previous three months. Sipp complaints are now more than 50 per cent higher than they were in early 2016. 193 made […]