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Lenders call to drop compulsory insurance

Specialist mortgage lenders are calling upon the Government to abolish compulsory insurance and make redemption charges clearer.

Lenders made their views known at the second of a series of mortgage “summits” with trade and industry secretary Stephen Byers.

Byers met nine lenders who argued redemption penalties should be expressed as a cash sum and should not extend over discounted or fixed-rate offer periods. They also recommended redemption penalties should not be levied on home-owners who moved house but stayed with the same lender.

Byers did not comment on the lenders&#39 proposal to abolish mortgages linked with compulsory home insurance.


Boost to internet share deals

A new survey has revealed 45 per cent of private investors plan to use the Internet in their share dealings and 20 per cent intend to trade on-line in the near future.The survey of 260 people for City ShareShop showed twice as many men as women plan to trade on-line.It also showed the most popular […]

AIM hits the mark with stockmarket growth

London&#39s Alternative Investment Market has been the best-performing stock market in the world so far this year, according to London stock market figures.Aim&#39s value increased by 130 per cent between the start of the year and the end of last week. It says growth was underpinned by the widely reported surge in private investment in […]

Portman decision on carpetbaggers

Carpetbagger target Portman Building Society is set to announce whether conversion resolutions forwarded by anti-mutual parties are valid this week.Both Portman, Skipton and Chelsea Building Societies are being targeted by website organisers who are campaigning to convert the societies into banks.But Skipton and Chelsea are not expected to make announcements on their conversion resolutions […]

RBS splashes out £248m on NatWest bid

Royal Bank of Scotland has spent £248m on its hostile attempt to take-over National Westminster Bank.The sum was disclosed in RBS&#39s official offer document posted to Natwest&#39s shareholders and includes £93m fee to the bank&#39s investment bankers and legal advisers.The arrival of the document starts of the 60-day take-over timetable on the battle for Natwest, […]


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