View more on these topics

Market Harboro&#39 and GMAC take loan steps

Market Harborough Building Society and GMAC-RFC are using through lending to launch a stepped lifetime discount mortgage.

Through lending entails GMAC-RFC marketing the product while Market Harborough acquires the mortgage assets the day after completion.

The loan has a rate of 2.99 per cent for the first year, a discount of 2.5 per cent from GMAC-RFC&#39s standard variable rate, currently 5.49 per cent. A discount of 1.50 per cent is offered in the second year and 1 per cent discount is offered for the remainder of the mortgage.

It will be marketed to intermediaries on a semi-exclusive basis. Cashback of £350 is offered to all customers and there is no application fee on remortgages up to £300,000. Redemption fee on the loan stands at six months&#39 interest in the first two years and one month&#39s interest or notice thereafter.

GMAC-RFC commercial director Barry Searle says: “We are seeing growth in this area which brings benefits to intermediaries, customers and lenders alike.”

Recommended

Employers are key for pension future

Industry figures believe that working in partnership with employers is the key to the future of pensions.Aifa director general Paul Smee said employers have a key role to play in bolstering pension uptake and it is important they are given the feeling that they are part of the solution, which is dependent on incentives. Smee […]

Pensioned off

In last week&#39s article on the importance of wrapper choice in determining pension alternatives, I highlighted the importance of the tax treatment of the various retail investments that can be used in this decision-making process.The tax implications of the various product wrappers are relatively well known among advisers. For many of their more affluent investors, […]

Wood warns Government on Sandler plan

Prudential UK chief executive Mark Wood has told the Government its proposed with-profits product will not sell if it adopts Sandler&#39s 100/0 proposal because life offices have insufficient capital to make it work.Speaking at Money Marketing Live in Manchester this week, Wood said that a 90/10 model was better for consumers because, unlike the 100/0 […]

Euro vote on directive could send Sandler suite crashing

A leading MEP has warned that a vote on amendments to the European Union investment services directive could decide the future of the Sandler suite of products.Conservative MEP Theresa Villiers believes if proposed changes to the ISD are not adopted by the EU parliament in Strasbourg this week, the UK Government could face a major […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment