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Miles from the truth

I am responding to the amazing revelations of Professor Miles.

Perhaps the lack of take-up on long-term fixed-rate mort-gages has more to do with the fact that, of the 5,723 mortgage schemes

available from lenders in the market (source: Mort-gage 2000), only 37 of them on offer are fixed rates for 10 years plus.

These schemes are available from just 13 lenders, several of which are obscure names that the general public would not recognise. It is all very well to say people should take up long-term rates at this stage in the interest rate cycle but what if brokers had been recomm-ending them four or five years ago when rates were higher?

Would Professor Miles be applauding mortgage brokers or replace “churning” with “misselling” in his report?

Adrian Pope

Abacus Insurance & Finance Consultants,

Upminster, Essex


Northern Rock – Together 1 Year Discount Tracker

Type: Flexible tracker mortgage Tracker term: Five years Tracker rate: Bank of England base rate plus 0.24% until January 1, 2005, Bank of England base rate plus 1.85% until January 1, 2009 Payable rate: 3.99% Minimum loan: £1 Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of […]

NU pays up after critical cover row

Norwich Union has agreed to compensate an IFA and his client over a criticalillness policy. Andrew Oliver & Co principal Andrew Oliver told Money Marketing that NU advised the client to cash in an existing guaranteed premium CI policy and replace it with a reviewable policy for a bigger sum assured following a remortgage. The […]

Isa on the cake for L&G

LEGAL & GENERAL Distribution Trust Type: Unit trust Aim: Income and growth by investing in corporate bonds and equities Minimum investment: Lump sum £500, monthly £25 Investment split: Investment-grade corporate bonds 54%, high-yield bonds 15%, UK equities 30%, cash 1% Isa link: Yes Pep transfers: Yes Yield: 4.9% Commission: Initial 5% Charges: Initial 5%, annual […]

AJ Bell says residential property in pensions is &#39madness&#39

The Inland Revenue&#39s proposal to allow residential property to be held within pensions is madness says consulting actuaries and Sipp provider AJ Bell. AJ Bell managing director Andy Bell says people putting their own home within a pension wrapper would cause administrative chaos and goes against the fundamental principles of a pension scheme as people […]

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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