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Mortgage Next goes for fixed fee saver

Specialist mortgage broker Mortgage Next has introduced the buy to let five year fixed fee saver mortgage.

The mortgage has a fixed rate of 6.23 per cent for loans of up to 75 per cent of valuation for the first five years of the mortgage, after which it will convert to an interest rate of 1.75 per cent above the Bank of England base rate.

The redemption penalties for the mortgage are 7 per cent of the advance for the first year, 6 per cent of the advance for years two and three and then 5 per cent of the advance for two years after that, as well as an additional £100 administration fee.

After a long period of volatility on the stockmarkets, many investors are choosing to invest in property instead as a safer bet, and this has had a significant impact on the buy to let market. According to the Council of Mortgage Lenders the number of new buy to let mortgages increased from 19,300 on June 31, 2000, to 25,700 on December 31, 2000.

Looking at the rest of the market, the Mortgage next product is not the most competitive five-year fixed rate buy to let mortgage. According to Moneyfacts this is the fixed buy to let mortgage from Bristol & West. This has a fixed rate of 5.99 per cent for loans of up to 75 per cent of valuation for the first five years of the mortgage. It also has redemption penalties of 7 per cent of the advance in the first year, 6 per cent in the next two years and 5 per cent for the two years after that.


Gartmore appoints new portfolio manager

Gartmore is promoting Tim Callaghan to the role of portfolio manager in the European equity team of its investment division.Callaghan has been with Gartmore since 1991 as an investment manager, prior to which he was a fund manger with Morley Fund Management.Gartmore head of European equities Stephen Jones says: “Tim will play an active role […]

AIG seminars on economy

AIG Life is running a series of seminars around the UK for IFAs to discuss the economic outlook.The 46 half-day seminars will be held between June 4 and July 6 and AIG expects over 7,000 IFAs to attend.The seminars, being led by sales director Neal Bailey, aim to provide IFAs with up-to-date economic commentary.AIG says […]

BCWA healthcare profits up

Private healthcare insurers BCWA Healthcare increased its profits by 466 per cent to £7m in 2000 from £1.5m in 1999, while its average return on investments was 8.7 per cent in 2000.Earned premiums increased by 15 per cent to £52.5m in 2000, from £45.8m in 1999.BCWA Healthcare managing director Martin Wren says: “In the absence […]

Zipadee doo dah

As I write this column, weather reports in the background remind me that some things in life are almost inevitable. Today is the first day of the Lord&#39s Test and, of course, rain is expected. In my experience, the equivalent situation with technology is that if it is going to let you down it is […]

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