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L&H answers budget with launch of 25-year loan

Leeds & Holbeck Building Society is launching a 25 year fixed rate mortgage at 5.39 per cent in response to the budget, which called for the development of a long term mortgage market..

The new loan allows 5 per cent capital repayments each year without penalty, with three month windows to redeem or transfer the mortgage in full without early redemption charge in year five and every two years thereafter.

There is a tapered early redemption penalty outside of the option windows of six months interest at the company&#39s standard variable rate in years one to five, and three months interest at the SVR in years six and onwards.


Skandia launches wrap account for IFAs

Skandia is launching a wrap account allowing IFAs to manage their client&#39s Skandia products through one online service. Available free to the 12,000 IFA users of Skandia&#39s extranet at launch in June, the account can be used to manage Skandia&#39s pension, protection and investment bond products while providing access to Skandia Investment Management&#39s portfolio management […]

&#39Independents beat big lenders on loan cover&#39

Customers are paying a high price to insure their mortgage repayments, according to latest research from online insurance broker Rhino Insurance.Its research shows that customers are paying an average £5.78 per £100 monthly benefit for mortgage payment protection through major lenders when they could be paying, on average, £3.95 by using an independent broker.Rhino says […]

Revenue loses appeal over trust case

The Inland Revenue has lost a Court of Appeal case in which it tried to prevent life companies including Scottish Equitable and Skandia from offering spouse alienation trusts. The Court told the Revenue last week it must seek legislative change from Parliament to prevent the trusts – which allow spouses to sidestep reservation of benefit […]

Misys shelves Pru tie until it wins back IFAs

Misys is ruling out Prudential from its multi-tie plans, saying unless the provider has the support of IFAs it will not do business with it.The mega-network admits it has had talks with nine strategic partners about plans to create a multi-tie for aspects of its business and asked Norwich Union and the Prudential to take […]


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