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GE Life revamps home-reversion scheme

GE Life has redesigned its home-reversion plan in response to increasing demands from the equity-release market.

The equity-release income plan is sold through IFAs. It offers enhanced rates for impaired lives, variable income options linked to property prices and a cash lump sum as well as income.

The relaunch coincides with the Treasury&#39s decision last week to regulate the reversion market, which GE Life expects will raise standards in the sector as well as protect consumers.

GE Life, which is one of the founding members of Safe Home Income Plans, hopes to attract customers who want a guaranteed level of fixed income for the rest of their lives and assurance that a proportion of their property value will fall to their beneficiaries.

It is also reviewing its lifetime mortgage, which it expects to relaunch later in the year.

Product manager Simon Little says: “We expect this market to grow by over 50 per cent in the next three years as increasing house prices and smaller pensions mean that more pensioners are finding themselves asset-rich but income-poor.”


Sourcing row over software claim

Mortgage Brain has slammed rival Trigold&#39s claim that it is the first sourcing provider to announce a launch date for FSA-compliant software. Last week, Trigold said its Prospector AAA software is set for release on July 30 and claimed to be the first sourcing system to confirm that it would be ready for regulation in […]

Scottish Widows Investment Partnership – European Corporate Bond Fund

Type: Oeic Aim: Growth by investing in euro-denominated corporate bonds Minimum investment: Lump sum £25,000 Investment split: 42.6% financial, 35.5% industrial and commercial companies, 13.1% utilities, 8.9% Isa link: Yes Pep transfers: No Charges: Initial 3.75%, annual 1% Commission: Initial 3% Tel: 0207 203 3329

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B&B to focus on core lending business

Bradford & Bingley announced today as part of its strategic review that it is to focus on its specialist lending business Mortgage Express and on its own-brand residential, commercial and housing association lending. Group chief executive Steven Crawshaw says: “Bradford & Bingley will simplify, clarify and continue to build upon its core propositions of specialist […]


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