View more on these topics

Marsden fixes for three years

Marsden Building Society has brought in the three-year fixed rate mortgage.

Aimed at first time buyers and people looking to remortgage their homes, the mortgage has a fixed rate of 5.45 per cent for loans of up to 80 per cent of valuation for the first three years of the mortgage.

The mortgage has an arrangement fee of £295, with the valuation fee refunded on completion. It also comes with three months’ free payment protection assurance. Redemption penalties are 3 per cent of the advance in the first year, 2 per cent in the second year and 1 per cent in the third year.

According to Moneyfacts the most competitive three year fixed rate mortgage on the market on May 17, 2001 is from Darlington Building Society. This has a fixed rate of 5.24 per cent for loans of up to 90 per cent of valuation. It also has an arrangement fee of £100, with the valuation fee refunded on completion. The redemption penalty is six months’ interest during the fixed rate period. However unlike the Marsden Building Society product, the Darlington mortgage has compulsory building and contents insurance.

Based on a £100,000 mortgage for 90 per cent of valuation, London & Country Mortgages says that monthly payments for the Marsden mortgage would be £611.11 a month. The Darlington mortgage monthly payments would be £605.57.

Recommended

Merrill Lynch – Merrill Lynch Defined Returns

Thursday, 17 May 2001.Type: Split-cap investment trust.Aim: Income and growth linked to a basket of 30 stocks.Minimum investment: £7,000.Maximum investment: No maximum.Investment split: 100 per cent linked to a basket of 30 stocks.Types of share: Icome shares, zero-dividend preference shares.Isa link: Yes.Pep transfers: Yes.Redemption date: None.Charges: None.Commission: Initial 3 per cent.Tel: 08457 405405.

Half of insurers say they need outside help on IT

Half of UK insurers say IT is too complex for them to handle on their own,according to research by CMG Admiral. Forty per cent of firms say technology drives their business and a further10 per cent say it soon will. But 50 per cent of insurance companiesbelieve technology has become too complex for internal IT […]

Cover confusion

The regulation of health insurances is falling between two chairs – asituation which has been described as muddled and confused. Long-term care cover, permanent health insurance (or income protection),critical-illness insurance and private medical insurance are allunregulated. Later this year, the General Insurance Standards Council will assumeregulation of short-term or general insurance. Any LTC policy that […]

Skandia looks for stakeholder alternative

Skandia has designed a group personal pension (GPP) as a competitor to stakeholder schemes.The GPP is part of the Multipension range, which deliberately avoids the one per cent capped charge of stakeholder schemes and the restrictions this can place on fund links.Instead, this GPP provides access to 222 funds from 28 fund managers, including Aberdeen, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment