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L&G loan club axes flexible tracker fee

Legal & General&#39s mortgage club is offering a flexible self-certification

tracker mortgage which saves applicants £325 by waiving the standard

application fee.

The loan offers a range of flexible features, including overpayments,

underpayments and payment holidays and no red-emption charges at any time.

The interest rate tracks the base rate plus 0.98 per cent for the lifetime

of the mortgage, giving a current rate of 6.48 per cent, with interest

calculated daily.

The loan also offers a cre-dit drawdown facility to access funds for any

purpose. Homeowners agree their total borrowing requirements up to 75 per

cent loan to value, including the mortgage and credit facility. The credit

facility can be acc-essed at any time once the account has been running

satisfactorily for six months.

Monthly repayments will be recalculated at the time of the additional

borrowing to reflect the increase in total borrowing. Minimum withdrawal is


L&G has become Northern Rock&#39s sole provider for mortgage payment

protection insurance. From this week, all Northern Rock borrowers will be

offered L&G&#39s MPPI as part of the mortgage application process.

L&G insurance managing director John Castagno says: “These exclusive

arrange-ments are an endorsement of L&G&#39s competitive position in the key

mortgage-related area of the protection market.”


Detailed medical evidence holding up Axa claim

I read the letter from Paul Wearden (Money Marketing, May 3) withinterest. Axa Equity & Law has indeed been looking into a claim from one ofMr Wearden&#39s clients for total and permanent disability under a critical-illness policy. We take claims of this nature extremely seriously and rely on detailedmedical information and advice, which has to […]

Dresdner&#39s Sheehan to join Jupiter UK team

Jupiter has poached UK equity income manager Paul Sheehan from DresdnerRCM to boost its UK specialist equity team. Sheehan will replace Edward Bland as the manager of the £51m Jupitergrowth & income unit trust this summer. Bland will move out of the retaildivision to focus on institutional funds. Sheehan has managed Dresdner&#39s UK equity income […]

City Financial offers trust and Oeic admin online

City Financial is setting up an e-commerce platform to provide third-partyadmin for unit trusts and Oeics. The Io system, which uses the EMX platform, allows users to trade unittrusts and Oeics over the net from the provider&#39s own website. Unit trust managers outsourcing their back-office systems to CityFinancial can offer advisers a link to EMX. […]

Exclusive deals from loans network

Baxter&#39s Business Consultancy director Nick Baxter is starting a mortgageand packaging network next month. The network, Mortgage Promotions, will provide mortgage brokers withexclusive loans and services from a panel of mainstream and specialistlenders. Intermediaries joining the network will have access to loans from20 product providers, including Intelligent Finance, Nationwide, Woolwich,Coventry and Standard Life Bank. The […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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