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L&G cuts rate on equity release mortgage

Legal & General Mortgages has cut the fixed interest rate on its equity release product to 6.95 per cent from 7.19 per cent.

The rate is fixed for the life of the mortgage. Borrowers must be 60 years old or over and have a home worth at least £40,000 to qualify for the mortgage.

Customers make no monthly payments, instead interest is compounded monthly and added to the outstanding loan to be repaid when the whole mortgage is repaid.


&#39If a 100/0 fund replaced the 90/10 fund, there would be concern about where capital strength was coming from&#39

Life offices have had their feathers ruffled by suggestions that Sandler&#39s with-profits proposals – which would see funds ringfenced to prevent them being used to cross-subsidise other business areas – could become mandatory.Prudential UK chief executive Mark Wood accepts that the suggestion will have people looking at the Pru but says this is merely because […]

77% of advisers not looking to multi-tie

Most IFAs are not considering multi-tying following the abolition of polarisation.The State of the IFA Nation poll found that 77 per cent of advisers would not consider multi-tying their business despite FSA proposals allowing firms to split their business between tied and independent.More than half of the 23 per cent who claimed they would seek […]

Standard of living down for retired couples, up for working households

Retired couples have seen their standard of living fall for the second year in a row while the average working family and single pensioners are all better off, according to new research.The annual Britannic Asset Management Retired Income Monitor, published last week, shows retired couples have seen their weekly disposable income fall by 1 per […]

TD Waterhouse gets structured

TD Waterhouse has entered the market for structured products with the introduction of its protected investment plan (Pip). This guaranteed equity bond is linked to the FTSE 100 index over a term of five-years and one month through a Guernsey-based investment company that is listed on the Irish stock exchange. Investors in the Pip will […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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