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‘Indemnity cover key to securing FTB loans’

Leading industry figures have agreed that mortgage indemnity insurance has a key role to play in persuading banks to lend to first-time buyers.

On Tuesday, housing minister Grant Shapps called a meeting of industry figures to discuss how to help first-time buyers get into the property market. The attendees included Council of Mortgage Lenders director general Michael Coogan, Building Societies Association head of mortgage policy Paul Broadhead, Genworth Financial president of mortgage insurance for Europe Angel Mas and FSA manager of credit risk Duncan Mackinnon.

Representatives from major housebuilders, insurers and consumer groups were also present.

Mas says: “We discussed MI, not as a compulsory requirement but how it could incentivise banks to lend to FTBs. In general, everybody agreed that MI has to play a role.”

An FSA spokeswoman says: “It is something that we recognise as a tool lenders can use.”



Friends bonus blunder after system switch

Friends Provident says it is considering writing to 260 with-profits clients who could have lost out on retirement income after the company issued incorrect with-profits bonus schedules between 2008 and 2010. The error relates to a policy details schedule which was issued alongside an annual bonus statement and a transfer value statement.Friends says the schedule […]


Lloyds to conduct £500m mortgage past business review

Lloyds Banking Group has agreed with the FSA to undertake a review of past mortgage contracts which could cost the lender up to £500m. Halifax will write to approximately 600,000 customers from April 2011. Through the contact programme the lender expects to make goodwill payments to around 300,000 customers. In a statement to the stockmarket […]

MetLife launches protected growth bond

MetLife has launched a bond which allows investors to lock in a level of investment growth daily. The protected growth bond, which also offers a choice of investment protection levels, allows investors to choose 90 per cent, 80 per cent or 70 per cent protection levels with equity exposure ranging between 90 per cent and […]

Track attack

JP Morgan Asset Management has unveiled plans to tackle the passive market with the launch of a low-cost active tracker, which it says is an RDR-ready Oeic with commission stripped out. The JPM active index plus fund is a rebrand of the firm’s UK active 350. The fund, which will continue to be managed by […]


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