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L&G launches 3 year fixed rate mortgage

Legal & General is launching a mortgage fixed at 5.25 per cent for three years for borrowing up to 75 per cent loan to value. After three years the loan returns to L&G&#39s standard variable rate, currently 6.35 per cent.

The mortgage has flexible features including overpayments without redemption charges, underpayments and payment holidays. Although redemption penalties apply if the loan is completely paid off during the fixed rate period.

L&G Bank managing director Mike Bury says: “Interest rates are at historically low levels but there is no guarantee they will stay this way over the medium to long term.”


Furness Building Society – FirstRate

Monday, 23 April 2001.Type: Accident, sickness and unemployment insurance.Maximum benefit: £1,500 a month or 65 per cent of income, whichever is lower.Benefit payment term: 12 months.Deferred period: 30 days.Premium: £3.95 per £100. Free cover for 12 months for new mortgage borrowers.Commission: None.Tel: 0800 834312.


The annual report from the Financial Services Consumer Panel in March proved it really is an independent voice. The report supplies telling research for IFAs to use in their dayto-day business. The report states “Consumers in general are not proactive in their approach to their finances. As a result, they rely heavily on advisers and […]

NU cross-subsidy for stakeholder

Norwich Union is to cross-subsidise a 5.75 per cent bonus rate on its with-profits stakeholder plan with funds from its traditional with-profits fund if the stakeholder version should underperform. Existing with-profits policyholders will not receive any reward for funding the returns but NU believes the chance of having to make a payout is slim. Industry […]

Competition Commission to examine profits of banks and building societies

The Competition Commission will look into the profitability of the UK&#39s leading banks and building societies as part of its investigation into Lloyds TSB&#39s bid for Abbey National. It will also examine the role played by IFAs in helping customers find best-buys, levels of inertia and whether product choice would diminish as a result of […]


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