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Get clients ready for the fixed-rate crunch

Mortgage brokers should be preparing for some difficult conversations with their clients, with up to a million homeowners’ two-year and three-year fixed-rate deals set to end in the next 12 months.

After four bank base rate increases in the past 12 months, many could see their monthly repayments soar by as much as a quarter, say experts.

The FSA is clearly keeping a close eye on the sector and said in its quality of advice investigation in January that three-quarters of small brokers lack robust processes.

With this in mind, brokers might be well advised to get in touch with their clients early to prepare them for the payment shock and help them budget for it in the run-up.

Perhaps then, the FSA might realise that many mortgage brokers do provide a very valuable service to their clients and brokers should grab this opportunity to prove it.


A Shaw thing

Sam Shaw is a reporter on Money MarketingHaving just about recovered from the Headline Money awards, the week was interrupted with a very packed Wednesday meeting some of the key figures in the IFA sector, including the always smiling David Harrison, now of True Potential, and Burns-Anderson’s CEO Mike Hughes, who are both now firmly […]

BoS apologises over losing mortgage details of 62,000 customers

Bank of Scotland has apologised to 62,000 mortgage customers after it lost private information about them in the post.The bank has confirmed that the mortgage information has disappeared after a computer disc containing the details of the accounts failed to arrive at a credit reference agency.BoS communication manager Shane O’Riordain says: “We apologise to our […]

HSBC creates solid foundation

HSBC Bank International has introduced the Foundation 1 resources bonus fund, a capital-protected fund that aims for annual income over a three-year term in the form of bonus payments.


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