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HBOS is set to follow Rock with FTB deal

The UK’s biggest lender says it is interested in replicating the product but is not comm-itting to any timescale for launch and has not finalised under which brand it would be offered.

Brokers stress that when-ever the HBOS offering is launched, it may force rates down due to the increased competition.

Together has been a major success for Northern Rock since its launch in 1999 and has accounted for 33 per cent of completions by the lender so far this year.

Brokers were told of HBOS’ plans at a meeting of the lender’s key accounts two weeks ago but it is understood those brokers it is closest to have known of the plans for a while.

HBOS intermediary distribution and specialist banking managing director Philip Grant says: “There is clearly a strong market opportunity and we are looking at whether that area represents an opportunity for HBOS.

“It is a very interesting product that Northern Rock has and it holds a very strong position and it looks to be a great solution for the FTB and it is clearly a major driver for Northern Rock’s position in the market,

“We are interested in interesting things. We will decide the appropriate brand as and when it happens. When and if we decide there is opportun-ity, we will move quickly.”

Hamptons International Mortgages technical director Jonathan Cornell says: “Someone like HBOS could do a lot of business with this product. Northern Rock has been very successful but the prices have been high because there is not much competition so if someone come in then rates would have to come down.”


BoS computer glitch hits 7,000 mortgages clients

Bank of Scotland has apologised to borrowers after a computer glitch saw thousands of mortgage customers have their monthly repayment taken three times. Estimates suggest that about 7,000 had payments taken from their current accounts on up to three consecutive days last week. BoS blames the problem on a technical error and stresses that it […]

C&G moves into light adverse but not sub-prime

Cheltenham & Gloucester has moved into the light adverse market but has decided against moving deeper into the sub-prime sector, following an internal review.C&G said in February it was considering a move into the non-conforming and equity release sectors, but while it has not detailed any firm plans regarding self-cert or equity release, it has […]

CML attacks Hips and calls for Government re-think

The Council of Mortgage Lenders says Home Information Packs will not work in their current form.The trade body, which has previously been cautious in its comments on Hips, launched a broadside at Government policy in stating the controversial packs, which it labels as a “costly indulgence”, will be useless in aiding the home-buying process.The comments […]

This week in Mortgages

The Council of Mortgage Lenders was at the centre of proceedings this week after its attack on Home Information Packs.

Rayner Spencer Mills: Why we rate the Artemis US Select Fund

Ken Rayner and Graham O¹Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio The Artemis US Select Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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