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Mortgage Next teams up with B&W

Mortgage Next is teaming up with the Bristol & West to introduce the buy to let three-year fixed fee saver.

Brought in for people who are looking to buy a property and then rent it out, the mortgage has a fixed rate of 6.86 per cent for the first three years of the mortgage for loans of up to 85 per cent of valuation. After the fixed rate period the mortgage will revert to 1.75 per cent above the Bank of England base rate.

The mortgage has a £399 completion fee and redemption penalties of five per cent of the advance during the fixed rate period.

The past few years have seen a steady increase in the buy to let market. According to the March 2001 buy to let report from the Association of Residential Letting Agents the average buy to let loan has gone from £60,000 in January 2000 to £102,000 in February 2001.

According to Moneyfacts the Mortgage Next product is not the most competitive on the market on May 8, 2001. Bank of Ireland Mortgages offers a three-year buy to let mortgage with a fixed rate of 5.99 per cent for the first three years of the loan. After this it will revert to 1.75 per cent above the Bank of England base rate. It too has redemption penalties of five per cent of the advance, but unlike the Mortgage Next product does not have a completion fee.


ABI in talks to stop big medical report fee rises

The ABI is battling with the British Medical Association to stop an increase in medical report fees which could see the price of life insurance and critical-illness cover premiums rocket. The ABI is meeting this week with the BMA, which is planning to more than double the fee for a gen-eral practitioner&#39s report from £30.10 […]

Select plan from Friends Provident

Tuesday, 8 May 2001.Friends Provident Select Protection PlanType: Cafeteria style protection plan covering critical illness, income protection, life and houseperson&#39s cover.CRITICAL ILLNESSMinimum premium: £7.50 a month, £75 a year.Maximum cover: £1m.Illnesses covered: Alzheimer&#39s disease/pre-senile dementia before age 65, angioplasty, aorta graft surgery, bacterial meningitis, benign brain tumour, blindness, cancer, coma, coronary artery by-pass surgery, deafness, […]

Ferrans gets Halifax asset management post

Britannic Asset Management managing director Douglas Ferrans has been appointed as chief executive of the newly combined Halifax, Clerical Medical and Equitable Life asset management operations. Ferrans will take up his new position at the start of next month after which the company will decide on its name. Ferrans says his aim is to build […]

Royal & Sun Alliance International adds technical service to website

Royal & Sun Alliance International Financial Services is adding a new technical services section on its website aimed at providing information and guidance on the life office’s product range and meeting the tax planning needs of clients. It will include information on trusts and have a guide to UK inheritance tax planning. It also plans […]


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