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Lenders back with competitive rates

Northern Rock and Woolwich have launched 3.99 per cent mortgages while Abbey has is offering several competitive deals.

The Northern Rock one-year deal is 3.99 per cent for 65 per cent LTV, fixed with full flexibility. Woolwich released a 3.99 per cent mortgage for 14 months for 60 per cent LTV.

The Abbey range includes a two-year fix at 4.39 per cent and a three-year fix at 4.69 per cent, both at 60 per cent LTV.

These products reflect falling Libor rates, with overnight Libor down to 3 per cent, while three-month Libor is 4.11 per cent, down from 4.42 last week.

Capital Fortune managing director Rob Kileen says: “Things are looking more positive now. We have seen a 20 per cent rise in products on our system in one week.”

Brentchase Financial managing director Mike Fitzgerald says: “The Northern Rock deal is pretty good and great for remortgage. The Government will want to see a lot more rates like this.”


FSA bans life assurance fraudster

The FSA has banned Peter King and his firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies.

First rent fall for five years

Rent on residential properties fell for the first time in five years in October as property supply boomed, according to the Royal Institution of Chartered Surveyors.

True Potential wins Tenet deal

Technology provider True Potential has sealed a deal with Tenet Support Services and given reassurances regarding the firm’s financial position.

No repayment plan on interest-only

Nearly half of the UK’s 2.9 million interest-only mortgages have no specified investment vehicle to pay off the capital, according to research from LV= by CEBR.


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