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London & Country remortgage guarantee

National mortgage broker London & Country is guaranteeing it will complete remortgages in 28 days or pay clients any money they lose out on.

L&C will pay the difference between a borrower&#39s old mortgage payment and new one if it runs over 28 days. Initially, the pledge only applies to an exclusive Alliance & Leicester remortgage but it is in talks with several other lenders, including Yorkshire and Nottingham building societies. It is calling on “Dickensian” lenders to make it easier for borrowers to switch loans quickly by cutting out admin hurdles.

The Prompt Switch service is designed to tackle the problem of around three-quarters of borrowers failing to remortgage because of the perceived hassle factor despite the potential financial reward.

Insurance provider First Title believes this will transform the remortgage market and bring the average completion time down to five days rather than months. It envisages brokers refusing to deal with lenders not willing to complete deals in set time periods.

L&C managing director Phillip Cartwright says: “I see no reason why this kind of guaranteed time scale will not become the norm. However, I fear many lenders will remain stuck in the dark ages.”


More Than – Guaranteed Growth Bond Issue 6

Friday, 14 March 2003 Type: Guaranteed growth bond Minimum-maximum investment: £5,000-£250,000 Term: Six years Interest rate: £5,000 – £10,000 5% gross a year, £10,001 and above 6% gross a year Charges: None Return: 5% or 6% gross a year on half of the amount invested at the end of year one, plus 50% of the […]

People spending more at the pub than on pensions

Thousands of Britons are enjoying “rock and roll lifestyles,” spending more each month on alcohol and cigarettes than they save, according to new research by Birmingham Midshires.The bank reports that three in five Britons are spending more money in pubs each month, an average of £60.56, than they do in saving for their retirement.The study, […]

Zurich refuses to give details in Eagle payout cuts

Zurich Financial Services has reduced with-profits payouts for its 500,000 Eagle Star policyholders by an average of 25 per cent but is refusing to give fully detailed information.The Raising Standards-accredited brand says it is cutting payouts but is not giving out industry-standard illustrations to show how its policies are performing compared with last year or […]

Pru may consider applying for waiver

Prudential says it is now considering applying for a solvency waiver despite initially claiming that it would not. It says the move would be a purely technical issue as it moves to manage its business on a realist rather than statutory basis. The company has not relied on future profits this year.

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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