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High street lenders react to on-line competition

Four of the largest estate agents have invested between £12 and15 million in a joint website which will put more than 25 per cent of fall properties up for sale online.

The four agents in the joint venture Halifax, Countrywide Assured, Royal and Sun Alliance and Connell say they are launching the site to fight back against low budget internet estate agents that are undercutting traditional branches.

Managing director of the Rightmove website, John Hunter says discussions are under way to add other agents to the operation, in a bid to get half of all properties on sale on the site by the end of the year.

He says: ” I am certain the UK will follow the US, where over 98 per cent of properties are online and where the majority of potential house buyers begin their search on the web.”


Standard Life enters fixed rate mortgage market

Standard Life Bank is entering the fixed rate mortgage market in a bid to broaden its appeal and capture more market share.The new mortgage, called the freestyle-fixed, is fixed for three or five years at 7.25 per cent. The launch follows the roaring success of the Standard Life Bank flexible freestyle mortgage.The mortgage bank is […]

FSA publishes paper on purpose of regulatory capital

The FSA has published a paper examining the purpose of regulatory capital and the impact of its requirements on firms.The paper written by FSA Central Policy Division&#39s Jeremy Richardson and Complex Groups Division&#39s Michael Stephenson discusses how financial firms could be placed in categories by their capital requirements.“Some Aspects of Regulatory Capital” discusses how the […]

Halifax launches new mortgage range

Halifax is launching a range of fixed rate and discounted mortgages with no arrangement fees aimed at first-time buyers and remortgage customers.The range offers a two year discount of 2.05 per cent, giving a rate of 5.69 per cent on loans up to 75 per cent loan to value. A loan up to 97 per […]

Size matters, says AITC

Size matters, according to the AITC, which says bigger trusts offer less charges.Investment trusts between £10m and £20m charge on avergage1.4 per cent a year, comapred with those over £1bn which charge 0.36 per cent on average.AITC director general Daniel Godfrey says: “Large investment trusts are an incredibly efficient way of managing money. Lower charges […]


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