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HSBC takes lead on 90% loans with 4.99% fix

HSBC took the lead in the battle of 90 per cent mortgages last week as it revealed that it would be allocating £1bn to a new range of high loan to value deals.

HSBC, whose products are not available through intermediaries, is offering a 90 per cent mortgage at 4.99 per cent fixed for two years.

But the deals are only available if people sign up to its Plus current account, which costs £12.95 a month. head of mortgages Louise Cuming says the rate on this deal is lower than other providers by between 0.5 and 1.4 percentage points. She says HSBC’s 4.99 per cent is lower than Yorkshire, Cheltenham & Gloucester, RBS and the Post Office, the only other lenders in the arena. She says: “HSBC cont-inues to be one of the few lenders seeking to steer the market at the moment. As ever, there is no such thing as a free lunch or, in this case, a cheap mortgage without caveats.”

Chadney Bulgin director of mortgages Jonathan Clarke says: “Anything that gets other lenders stimulated has to be a good thing because right now all the other 90 per cent offerings are shocking.”


Roberts leaves Aviva to join Gartmore

Dan Roberts, an equity income manager at Aviva, is leaving the group. He will join Gartmore in mid-July, where he will lead manage the £137m Gartmore UK Equity Income fund.Chris Burvill, current manager of Gartmore UK Equity Income, will focus purely on his £639m Gartmore Cautious Managed fund.The £471.7m Aviva UK Equity Income fund will […]


Banking on bad advice

Yet another tale of horror has come to light about appalling financial advice given to consumers approaching or already in retirement, with devastating effects to their financial wellbeing.

No fee for active Sipp clients

Hargreave Hale is offering a Sipp with no annual charge for active investors. Investors must generate over £250 commission a year to be eligible for the product. Pension admin will be outsourced to Dunstan Thomas.


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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