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Freedom offers rate cuts for punctual payments

Freedom Lending is setting up a sub-prime mortgage range that rewards adverse-credit borrowers with records with lower rates for making payments on time.

The On-Track range cuts 0.1 per cent from the rate each time a borrower makes six consecutive monthly mortgage payments on time. Freedom says the aim is to remove the need for remortgaging to get a prime rate.

The system continues until the borrower reaches Freedom’s prime mortgage rate which is currently bank base rate plus 0.98 per cent or plus 1.28 per cent for self-certification.

Freedom says a client on its heaviest adverse product with 10,000 county court judgments in three years and four missed mortgage payments in 12 months would start at an overall cost for comparison of 6.78 per cent and would reach its prime rate within five years on the scheme.

The range covers products from light to heavy adverse. All products come with an introductory discount of 0.75 per cent for the first three months.

Freedom launched to the UK intermediary market in May 2004 and markets its products via a panel of lending distributors.


JO Hambro closes Japan Fund

JO Hambro has closed its Japan fund, managed by Scott McGlashan, at the pre-agreed level of 200m. Investment has been capped to preserve McGlashans ability to run the money without inhibiting performance. The fund has reached its target assets in less than twelve months, following strong support. JO Hambro chief executive Nichola Pease says: “We […]

Release your potential

The equity-release market is awash with new products, players and speculation about the huge potential for growth, with recent entries from Norwich Union and future moves from the likes of Bristol & West and Prudential.

Skipton launches new fixed rate bonds in Pick N Mix range

Skipton Building Society is launching a range of fixed rate bonds all at 5.3 per cent gross per annum.The range includes one, two and three year bonds and offers a monthly income option with a return of 5.1 per cent.Issue 11 of its Pick N Mix range has a minimum investment of 500 and maximum […]


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