View more on these topics

Legal & General joins the self-cert crowd

Legal & General’ s Mortgage Club is going for the self-employed market with the introduction of its discounted self-cert tracker mortgage.

The mortgage is aimed at self-employed people who find it difficult proving their income. Applicants for the discount self-cert tracker will not have to provide proof of income, and there are no minimum income requirements.

Legal & General’s Mortgage Club has set the mortgage rate at a 1.5 per cent discount from the company’s standard variable rate for the first two years of the loan, giving it a payable rate of 6.23 per cent for loans of up to 85 per cent of valuation. After the discounted period the mortgage will be set at 1.98 per cent above the Bank of England base rate, currently set at 5.75 per cent.

The mortgage has redemption penalties of five per cent of the advance in the first two years, reverting to one month’s interest thereafter.

The discounted self-cert tracker is not the cheapest of its kind on the market. According to Moneyfacts the cheapest two-year discounted self-certification mortgage is the 5.74 per cent mortgage from the Mortgage Operation. This has a discount of 2.01 per cent for the first two years, giving it a payable rate of 5.74 per cent for loans of up to 85 per cent. After the discount period the rate is set at two per cent above the Bank of England base rate. The redemption penalty is three months’ interest in the first two years, reverting to one month’s interest thereafter.

Recommended

MCCB call to advisers over service

The Mortgage Code Compliance Board is appealing for IFAs to own up to what level of service they provide to borrowers looking for a mortgage. The MCCB says failure by some advisers to disclose whether they were giving advice or just information to clients was the second most common breach of its rules discovered by […]

T&C toolkit to aid IFAs

The Financial Services National Training Organisation will be offering a training and competence toolkit to IFAs from next month. The kit is a joint Government and employer initiative developed by financial services trade bodies Aifa, Autif, the Chartered Insurance Institute, the Institute of Financial Planning, the Institute for Fiscal Studies, the LIA, Limra, Sofa, the […]

Lincoln Financial Group – Corporate Bond Trust

Friday, 16th March 2001.Type: Unit trust.Aim: Growth and income by investing in corporate bonds.Minimum investment: Lump sum £500, monthly £50.Investment split: Investment grade bonds 90 per cent, non-investment grade bonds 9 per cent, cash 1 per cent.Yield: Income yield 6.77 per cent, gross redemption yield 5.62 per cent.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5 per […]

Massow buys stake in London listings magazine

Ivan Massow, is taking over as chairman of CapitalLive, the free fortnightly London entertainment listings guide.Massow, who made a fortune targeting gay men when other IFAs thought them uninsurable because of concerns over Aids, has purchased a 10 per cent stake in CapitalLive. The investment in CapitalLive was funded by Wager Massow Consulting, the firm […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com