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Government launches Openmarket homebuy scheme

The Government has today launched its Openmarket Homebuy scheme that it says will help an extra 20,000 people buy their own home.

The Government has teamed up with four private sector lenders, Nationwide, Yorkshire Building Society, Advantage and Bank of Scotland to offer the mortgage, though BoS’s offering will not launch until later this year.

Borrowers only need a mortgage for 75 per cent of the property’s value, with the Government and lender splitting the share of the remaining 25 per cent.

The scheme is limited to public sector key workers, social tenants or those on a council waiting list, plus other priority first-time buyers.

Housing Minister Yvette Cooper says: “We want to help more families get a first step on to the housing ladder. In the long run we need to build more homes to ease the pressure on house prices. But in the meantime, this new mortgage deal will help thousands of families into a home of their own.”


AMI backs regulator in provider/distributor debate

The Association of Mortgage Intermediaries has announced its support for the Financial Service Authority’s stance on provider/distributor relationships, after the publication of its discussion paper last week.AMI associate director Rob Griffiths says: “The message from the FSA is clear: lenders must look to work in co-operation with intermediaries, taking a more open and long term […]

Senior management reshuffle at HBOS

HBOS has reshuffled its senior management, with mortgages director David Nicholson taking over as retail distribution director. A replacement is expected to be announced shortly. Nicholson replaces Rob Devey, who is moving to HBOS’s insurance and investment unit. A group of former Alexander Forbes directors has set up a professional indemnity brokerage for IFAs. Prime […]

Out of context

“I might not sound upmarket but I do have a silk hanky.”Positive Solutions executive chairman David Harrison“I am rather nervous. Last time I addressed a group of schoolgirls, I asked one of them what her plans were after she left school. She told me: ‘I was planning to go home until you arrived, big boy’.”Former […]

FSA allows flexibility in unit pricing

The FSA has announced it will allow fund managers to adopt single or dual pricing of units in authorised Collective Investment Schemes in order to better fit with principles-based regulation.Investment companies with variable capital currently have to value units on a single-pricing basis while authorised unit trusts have the flexibility to quote single or dual […]


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