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In a fix with Private Label

Private Label is launching a two-year fixed-rate flexible mortgage.

The flexible fix is fixed at 3.49 per cent until March 2002. It offers borrowers the ability to overpay, underpay, take payment holidays and also has lump-sum withdrawal facilities. Loans are available up to 90 per cent loan to value on home purchases or 80 per cent LTV for remortgages.

Underwriting is based on a credit score done by the len der free-of-charge before an application fee is committed and income references are not necessary.

There is a non-status self-certification option for an extra 1 per cent on the fixed rate to a maximum of 75 per cent LTV for house purchase or remortgages.

The loan has an arrangement fee of £325, added to the loan at completion. There are no compulsory insurances and it is free of mortgage indemnity guarantees.

The procuration fee is 0.45 per cent of the loan and there sis a redemption penalty of three months&#39 interest before March 2004.

Director of marketing Tony Fisher says: “Lenders shy away from offering fixed rates with flexible mortgages because of funding difficulties like overpayments and lump-sum withdrawals. We have solved this problem.”


IFAs slam Scot Wid bonus scheme

IFAs have criticised Scottish Widows’ new bonus payment strategy claiming it penalises guaranteed annuity policyholders. They claim the assurer is paying lower annual bonuses to guaranteed annuity rate policyholders to stem the rising costs of honouring these guarantees. Guaranteed annuity rate pensions of which Scottish Widows has sold thousands, ensures policyholders receive a minimum level […]

Fidelity to offer triple Isa

Fidelity is to offer a new multi-fund Isa, bringing tog ether three sector funds. The Fidelity Triple Sector Isa will be launched on January 1. It will combine Fid elity&#39s healthcare, technology and financial services funds. Each fund will be a third of the portfolio. The healthcare and financial services funds were laun ched in […]

Review reveals the direct route to misselling

The end is in sight for the darkest chapter in the history of UK&#39s financial services but the price tag has jumped from£11bn to £13.5bn. The increase for phase two pension review cases comes partly as a result of people living longer, changing stockmarket conditions and because more information is being unearthed. But the figures […]

Scottish Widows unfurls flexible mortgage

Scottish Widows bank is launching a new flexible mortgage for people considering their repayment methods following the endowment review. Using the mortgage, clients will be able to make repayments to suit their individual circumstances. Repayment methods can be split between endowment and capital and interest to reduce their outstanding loan. It has a standard variable […]

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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