Intelligent Finance is reducing its Offset 80 tracker mortgage two-year discounted rate by 0.4 per cent, to 4.99 per cent.The company says the move shows it going one step further than its decision earlier in the month to pass on the Bank of England’s 0.25 per cent base-rate cut to all its variable mortgage borrowers. Following the introductory period, the mortgage reverts to IF’s standard variable rate of 5.7 per cent. There are no extended redemption penalties and borrowers can continue to ben- efit by offsetting money in their current savings and Isa accounts against their mortgage. IF managing director Nick Robinson says: “T he offset market will see substantial growth over the next few years. Millions of borrowers who could make significant savings on their mortgages have yet to try an offset product. “People with slightly lower loan-to-value mortgages tend to be more active offsetters. The rate reduction on our popular Offset Tracker 80 mortgage aims to encourage more people, who are in a position to maximise the benefits that offset products offer.”
One of the frustrations in fund management is when a promising fund manager loses momentum and the success with a small fund gives way to mediocrity after strong asset growth. Sometimes this is ascribed to cashflow issues but sometimes the problem is more permanent, the process has simply run out of capacity.
Financial services is finally on its way out of the “industrial revolution” it has been struggling through and the future looks bright, accord- ing to Millfield chief executive Paul Tebbutt. Tebbutt says financial services is the “powerhouse” of the country, being the biggest single contributing industry towards the UK’s GDP, and he sees increasing flexibility […]
The ABI is changing its rules under which providers of investment funds in the life and pensions sector report their past performance data to ensure each fund appears just once in performance tables.
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UCB Home Loans Self Cert One Year Fixed
The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]
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Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]
The FCA scrutiny of the asset manager continues apace, with attention now turned to closet tracker funds. Following regulatory lessons and actions already seen in Scandinavia, it has ordered unnamed asset managers to pay out £34m in compensation to investors for overcharged fees. At least one group is facing enforcement action over “very misleading” marketing […]
The FCA has told advisers to make clients aware of their right to refer complaints to the The Pensions Ombudsman, not just the Financial Ombudsman Service. Currently, advisers must notify clients that they can complain to the FOS if they believe they have been miss-sold, but are not required to signpost TPO. While complaints over […]