The cost of sub-prime mortgage borrowing looks set to rise and several lenders admit that rates will have to increase substantially.Merrill Lynch subsidiary Mortgages plc has confirmed it is repricing its sub-prime product range, with Edeus set to follow this week.GMAC-RFC has already increased its fixed-rate loans and says it is repricing its Partners fixed […]
Britain’s pension funds dropped by £27bn to create a £15bn deficit after the latest stock market dive. The biggest drop in the stock market since the eve of the Iraq war saw the value of shares fall by £60bn in a single day’s trading, leading to the £12bn surplus in pension funds that had been […]
British Insurance has launched a new mortgage payment protection insurance product which will be underwritten by Norwich Union and distributed by Paymentshield.The insurance is level rated and underwriting does not take into account age, occupation or gender. Disability cover and unemployment cover costs £1.95 per £100 of cover individually or £2.95 per £100 of cover […]
Non-conforming lender Victoria Mortgages is set to increase its sub-prime products by 2.5 per cent following its withdrawal from the market earlier this month.The lender expects to launch its re-priced products by the end of the month.With its sub-prime rates increased by as much as 2.5 per cent, the lender has effectively priced itself out […]
Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.
Some investors holding money with Blackmore Bonds are yet to receive July interest payments, despite the firm’s insistence all funds have been transferred and cleared. One such investor has told Money Marketing they have been “ignored” by Blackmore. Chief executive of the mini-bond provider Patrick McCreesh told Money Marketing this week that some investors holding Isas […]
Rebates have been confirmed as taxable this month, in the long-running clash between Hargreaves Lansdown and HMRC. This effectively confirms “superclean” share classes are the most tax-efficient mechanism for delivering preferential rates on funds, rather than the oxymoronic “clean with rebates”. Asset managers will be very reluctant to implement multiple share classes at varying prices […]
Collapsed Sipp administrator GPC Sipp has nearly £1m in debts owed to creditors according to a statement of affairs document published on Companies House. It shows there is a shortfall of £964,832.00 owed to creditors and most of the Sipp shares are owned by managing director Kathryn Taylor who holds 73 shares. The others are […]