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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Providers are reviewing their marketing packages to advisers at conferences and on websites amid concerns they will fall foul of new inducement rules under Mifid II. Mifid II, which came into force on 3 January, brought in more stringent rules around “non-monetary benefits” from providers to advisers. The rules have been translated into the FCA conduct of […]
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The FSCS is budgeting an extra £3.5m to cover the cost of running the scheme this year. The management expenses levy, which is used to cover the cost of administering the scheme separately from any compensation payments made, proposed for 2018/19 by the FSCS today is £77.7 million, up 5 per cent on the previous […]