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Lowest ever five and two-year fixed rates released

First Direct has launched a five-year fixed rate at 2.69 per cent for those with a 35 per cent deposit.

The direct-only lender is charging a £1,999 booking fee for the product.

Moneyfacts says this is the lowest five-year fixed rate currently on offer.

First Direct head of retail products Andy Forbes says: “Over the last month we have seen borrower appetites increase for longer term fixed rate mortgage deals. In response to this demand we have reviewed our offers to ensure that we continue to give our customers access to the most competitive rates available.”

Chelsea Building Society has launched the market’s lowest two-year fixed rate at 1.89 per cent.

The direct-only product is available to borrowers with a 40 per cent deposit and has a £1,695 fee.

Tomorrow, ING Direct is launching the market’s lowest two-year tracker mortgage at 1.94 per cent, which is available up to 60 per cent LTV.


RBS investment head steps down ahead of Libor fine

The head of Royal Bank of Scotland’s investment banking arm John Hourican has stepped down ahead of the bank’s expected fine over its role in the Libor-rigging scandal. Chief executive of markets and international banking Hourican has reportedly given up a bonus pot worth £4m and will leave the bank with his minimum entitlement – […]


Govt confirms £75k LTC cap will be funded by abolition of contracting-out

The Government has confirmed plans to introduce a £75,000 cap on long-term care costs will be partly funded by increased employer national insurance contributions as a result of the abolition of contracting-out. This afternoon, health secretary Jeremy Hunt told Parliament the new cap – which does not include accommodation or food costs – will be […]


Govt considers lifetime allowance auto-enrolment exemption

The Government is considering removing the requirement for employers to automatically enrol people who have lifetime allowance protections in place. The idea will be floated in a consultation next month outlining ways to simplify auto-enrolment rules for employers. It follows warnings from the industry in July 2011 that people who have lifetime allowance ‘fixed protection’ […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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