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Mortgage aims at pre-A-Day Sipps

Blacktower Financial Advisers and Norwich & Peterborough Building Society are offering a commercial mortgage scheme aimed at Sipp investors.

The tie-up will see Blacktower targeting Sipp clients looking to take advantage of the pre-A-Day lending rates permitted for Sipp holders, which are set to be cut from 75 per cent to 50 per cent of the value of the pension pot after A-Day.

The mortgage deal, which is provided by N&P, features a free valuation service and no legal and lending fees. There is an arrangement fee of 1 per cent that can be added to the loan. Interest is set at 1.4 per cent over base rate Minimum loan is 100,000.

Blacktower director of property finance Beverley Ham says the changes to the borrowing rules from next April also affect remortgag- ing and, potentially, loans for home improvements.

The Blacktower deal covers new purchases and remortgages with lending up to 75 per cent of value and 75 per cent of all costs. VAT bridging can be arranged as an add-on if needed.

Ham says: “With the proposed borrowing limits of Sipps changing dramatically from April 2006, schemes must act fast to make use of this valuable window of opportunity if borrowing more than 50 per cent of the net scheme assets. We will happily receive mortgage enquiries from other IFAs and our fees are met by the lender for the introduction and packaging of the mortgage proposal.”

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