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Lender designs sub-prime range for IFAs

High Street Home Loans has developed a range of all-sta-tus mortgages aimed at the sub-prime market to be sold through intermediaries.

The two-month-old Newcastle-based firm will be offering its products exclusively through intermediaries totarget customers unable to secure mortgages or remort-gages from high-street lenders and other providers.

Products include a 12-month fixed rate at 8.35 per cent for loans up to 90 per cent loan to value. There is a 1 per cent procuration fee for IFAs.

The loans will be backed by GMAC-RFC, the US mortgage provider and subsidiary of General Motors.

Taking the lead from the US success in the sub-prime area, the company aims to plug what it sees as a huge gap in the market.

Sales and marketing director Gary Forrest says: “There is a growing trend among the big building societies to resell their mortgage funds to companies such as ours, which we sell back to them after completion, taking the administrative hassle away from them.

“In future, we will be getting involved in the niche marketplace, devising new products in that area. We will never be price-driven but always niche-market-product-driven.”


L&G is encouraged by pre-stakeholder boom

Legal & General says its 25 per cent increase in personal pension business in the first six months of the year indicates its potential in the stakeholder market.The life office says new group personal pension business grew by 25 per cent to £26m from £20.8m.New individual pension and annuity business, including GPPs, increased by 10 […]

Ex-Jupiter boss sets up new fund manager

Former Jupiter Asset Management chairman John Duffield has announced plans for his new business. Duffield, who is suing Jupiter for wrongful dismissal, is attempting to create a new fund manager, to be called New Star Asset Management. Reports say he has approached a number of small fund management outfits with the hope of buying them […]

AIM launches website detailing members&#39 info

AIM has launched a website providing detailed information about the 400 plus companies listed with it. The Alternative Markets Review gives financial and business information for financial institutions. It also provides a news page and a feature of the “AIM company of the week.” Access to the site costs £10 a week, but is free […]

Bristol & West offers range of exclusive protection products

Bristol & West is offering a range of exclusive protection products designed by Eagle Star, to run alongside its mortgage range.The new additions consist of two versions of mortgage protection: a level term assurance for interest only mortgages, and a decreasing term assurance for repayment mortgages. There is also a guaranteed protection plan and flexible […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]


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