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Location effect on offset

Where a borrower lives can make a big difference to how early they

can pay off an offset mortgage, according to telenet bank Intelligent


IF says if money were no option, most people would choose to pay off

their mortgage early. Its figures show that in terms of early

repayment Scotland tops the league.

In Scotland, where the average house price is £71,779, someone

with average savings of £6,219 taking out a 25-year standard

repayment mortgage with a 71 per cent loan-to-value will repay it 39

months early with an offset – and save £11,667 over the course

of the mortgage.

The UK average on repaying the mortgage early, based on the same

statistics except house price, is 25 months.

In the country&#39s most expensive area, Greater London – where the

average house price is £214,296 but all other factors are the

same – borrowers could reduce their mortgage term by 15 months on the

same basis.

Chief executive Grenville Turner says: “These new figures emphasise a

most important aspect – how quickly will the loan be discharged?”


Mortgage protection

Over 90 per cent of borrowers questioned in Legal & General&#39smost recent &#39Moving Intentions&#39 survey said that they had arrangedlife assurance cover purely to protect their mortgage.So it could be claimed that consumers are taking a responsibleattitude towards life assurance protection when arranging loans tobuy a home.However, while this is welcome and very good news, […]

54% opt for critical illness cover over income protection

More than a half of all protection policies sold through IFAs includea critical-Illness element, according to research by LiverpoolVictoria Friendly Society.Fifty-four per cent of IFA-distributed protection policies have somedegree of CI but the research also shows that 23 per cent includeincome protection.Liverpool Victoria says it expects the balance to tip more towardscritical-illness cover primarily for […]

Well done Axa Equity & Law

Unfortunately, we are an industry in turmoil and we seem to lurchfrom one disaster to another.One of the most annoying things, among many, is the decline instandards of administration by the various life offices, some, ofcourse, being far worse than others.Most of us are quick to complain but usually slow to praise. I wouldjust like […]

Packaging protection

For months, it has been well nigh impossible to have a conversationwith anyone about group income protection without the subject ofpensions and ill health early retirement rearing its head.The basic storyline is convincing enough. In the good old days of the20th Century, when stockmarkets used to rise, most defined-benefitpensionschemes enjoyed the luxury of boasting investment […]


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