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L&G is set to withdraw Isa mortgage package

Legal & General is set to withdraw its Isa-linked mortgage package, citing plummeting sales of interest-only loans as the reason for the move.

From May 18, L&G is pulling the plug on its Isa-backed flexible mortgage to concentrate on selling family protection products such as term insurance, critical-illness and mortgage payment protection insurance.

It says the withdrawal is due to the fall in demand for interest-only mortgages.

But IFA London & Country says the component parts of the Isa mortgage, including term insurance and critical cover, can be bought cheaper separately than as a package.

London & Country mortgage specialist David Hollingworth says: “Stockmarket volatility may have dented consumer confidence in Isas but packaged products like this just do not represent good value.”

Charcol says it rarely recommends the package because it lacks flexibility and fails to offer sufficiently wide product choice. It says there is still reasonable demand for investment-backed mortgages.


Review for best execution rules

The FSA is launching a rev-iew of best execution rules, which aim to ensure firms get the best deal for consumers buying and selling equities and other investments.The move is in response to the growth of online share dealing and its impact on how users get the best deal when transacting electronically.The FSA says electronic […]

Mix the old and new

A highly contentious statement at the beginning of a press release is a well known way to attract attention. But you can easily be accused of talking up your own interests.I fear that Forrester Research may have fallen into exactly that trap with the press release for its recent report Unwrapping UK Pensions.I am not […]

Metropolitan Tenant&#39s House Purchase Advisory Bureau reprimanded by OFT

The Office of Fair Trading has forced a mortgage broker to change its advertising because it gave false impressions of the Government&#39s right to buy housing scheme. Glasgow-based Metropolitan Tenants&#39 House Purchase Advisory Bureau distributed leaflets which suggested the scheme – which gives council tenants the chance to buy their property at a discount – […]

John Malone

Sometimes I turn off my mobile phone for a couple of hours and find I have 20 messages on my voicemail when I switch it back on.”There are not many people in the mortgage industry whose opinion is sought after quite as much as Scottish Amicable&#39s national mortgage manager John Malone.With a career spanning over […]


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