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IF reducing fixed rates

Intelligent Finance is cutting its fixed mortgage rates, taking advantage of opportunities created by falling swap rates.

It says the cost of wholesale money, which banks buy in advance to lend to mortgage borrowers, has been falling in recent months, leading to the potential for cheaper rates to be passed on to borrowers.

IF has cut the rates on its 80 per cent loan to value mortgages from 4.89 to 4.49 per cent on loans fixed until 2007 and from 5.09 to 4.79 per cent on loans fixed until 2010.

On 95 per cent LTVs, the rate falls from 5.29 to 4.89 per cent until 2007 and from 5.39 to 4.99 per cent until 2010.

Head of intermediary sales Brian Ewing says: “There has been a steady fall in swap rates in recent months. This has delivered cost savings which are now being reflected in a repricing of our fixed-rate range.”

Mortgageforce chief executive Rob Clifford says: “This rate cut puts IF among the best rates in the market. With swap rates falling, many lenders have sat on the cuts for two or three weeks but they are now passing savings on to consumers. I would expect the trend to continue as the UK market is so oversupplied that companies are obliged to cut their rates.”


Standard Life takes stake in Tenet

Standard Life has taken what is understood to be a twenty per cent stake in the Tenet Group, as first reported in this week’s Money Marketing.The deal is thought to value Tenet at 86m and is Standard’s first investment in distribution. Tenet is the largest independently owned distributor in the UK. Norwich Union, Friends Provident […]

Ingledew says TCF regime means retraining for IFAs

IFAs must refocus the training of their staff to help embed the FSA’s treating customers fairly requirements in their business, says Barclays Financial Planning commercial director Stephen Ingledew. Ingledew says many firms have traditionally focused their training on technical and product issues rather than on developing the softer skills that would enable them to deal […]

No walk in the park

Clerical Medical Internatio-nal has donned its walking shoes in the recent Isle of Man Parish Walk. The event raised money for charities as seasoned walkers and prof-essionals set about the 85-mile route, starting from Douglas, and took in a scenic tour of the sights of 17 par-ishes across the Isle of Man.

BM Solutions sets up self-cert fix

BM Solutions is launching a limited edition self-certification fixed-rate product at 4.85 per cent. The rate is fixed until September 1, 2007. There are no overhanging ERCs and an arrangement fee of 599.


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