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First Direct is raising LTVs for offset loan

First Direct is setting up an offset mortgage for borrowers with lower levels of equity or relatively small deposits.

Previously, First Direct has only offered an offset mortgage to customers with a maximum loan to value ratio of 80 per cent but borrowers with an LTV of 81-95 per cent will now have access to offset loans.

All First Direct offset mortgages taken out before September 30 get an introductory three-month discount at 1.01 per cent off its SVR – currently 5.25 per cent – so customers with an LTV ratio of 81-95 per cent will start borrowing at 4.24 per cent.

Chief executive Alan Hughes says: “Borrowers who may not have been able to take advantage of a First Direct offset mortgage in the past can now join the offset revolution with one of the cheapest options on the market.”


L&G launches pension transfer CD Rom for IFAs

Legal & General is launching a CD Rom designed to make life easier for IFAs doing pension transfers. It includes product information, competitor information, transfer analysis and marketing support data.

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I awake on Monday at 6am with aching limbs suffering from a hard-fought football match on Saturday. The early hour is because I need to finish an advertorial on equity release for The Mirror. I should have completed it on Friday but I got more involved in trying to find out gossip about Piers Morgan&#39s […]

High repurchases hit fund sales

Net Isa sales rose in April from the previous month but overall retail fund business slumped by a third from April last year as repurchases continued at high levels, says the IMA. The IMA&#39s monthly statistics reveal that retail fund sales fell to £702m from £1bn in April 2003 and from £853m in March this […]

Savings on bond transfers

The personal investment and pension markets are now more difficult places in which to be an adviser. However, it is important that you do not forget the enormous opportunities that still exist for your clients. Some of your clients, who have existing single-premium insurance bonds, will be dissatisfied with the opportunities for future returns offered […]


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