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FSA goes live with mortgage tables

The FSA&#39s comparative mortgage tables went online last week, with the regulator claiming they will help consumers compare up to 1,300 loans.

But Nationwide Building Society has attacked the tables for failing to include filters allowing people to search for Catmarked products.

The FSA says consumers can use its interactive tables at to access information from 100 mortgage providers on their most commonly bought products.

Consumers can compare interest rates, including initial and standard rates as well as APRs, restrictions such as early repayment charges, fees and incentives like free valuation fees and cashback, flexibility and whether mortgages can be linked to current accounts.

But the FSA warns people not to go on first impressions and look beyond the initial rate and consider the whole package.

Consumer relations spokeswoman Beverley Brewster says: “Unlike other websites, these tables are not trying to sell you a mortgage. They are intended to help you shop around and make a short list of the best value deals. Then you can explore the ones that interest you in greater detail directly with the provider or broker concerned.”

Nationwide chief executive Philip Williamson says: “It is very disappointing that the comparative mortgage tables have been launched without it being possible for consumers to search through products on the basis of total cost or whether they meet the Cat standard.”


Mervyn King to take over as Governor of Bank of England

Chancellor Gordon Brown today announced Mervyn King will take over as the Governor of the Bank of England next June when Eddie George stands down.The promotion of the current deputy Governor, King, unveiled in Brown&#39s pre-budget speech puts an end to rumours that FSA chairman Howard Davies would take up the position.

Paragon buoyant after buy-to-let business boost

Paragon Mortgages saw gross new buy-to-let lending soar by 47 per cent to £563m in the year to September from £381m in the previous year.Net mortgage assets outstanding leapt from £1bn to £1.4bn.Paragon says 80 per cent of its borrowers are professional buy-to-let landlords and says the expansion of its book has been boosted by […]

Winterthur makes its retail entrance with multi bond

Winterthur Life has taken its first step into the UK retail investment market with the launch of its multi-manager unit-linked investment bond.The Winterthur Investment Bond offers access to 45 funds and seven managed portfolios including the Winterthur Elite Managed range.Winterthur says the bond has been created in line with the recommendations of the Sandler report, […]

AITC calls for split compensation

The AITC is urging split-cap managers to compensate investors who bought zeros without advice and outside of savings or share schemes as they cannot seek restitution through the Ombudsman. The AITC says the managers and professional advisers who made money from selling zeros should “consider their responsibilities” to investors who can only attempt restitution through […]

State of the markets: global growth

In conversation with journalist Alexis Xydias, Artemis Global Growth Fund manager Peter Saacke discusses the state of global markets and how he is positioning his fund. Peter gives his views on the growth potential of US, Europe and emerging markets, each of which is on a different stage of the road to recovery. And with a […]


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