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Mortgages PLC completes £575m deal

Mortgages PLC has announced it has completed its latest securitisation deal worth £575m.

The portfolio, known as Newgate 2007-1, is the Merrill Lynch-owned lender’s 11th securitisation deal and comprises predominantly AAA-rated mortgage assets. To date Mortgages PLC has securitised more than £4.8bn of mortgages.

Chief financial officer Tim Cooley says: “This is another successful securitisation for Mortgages PLC and we’re particularly pleased with the pricing Merrill Lynch has been able to achieve on this deal on our behalf. This helps us to keep our products and pricing at the sharp end of what is a very competitive sector of the mortgage market.”


Cavanagh boosted by growth in turnover

Cavanagh Group went back into profit last year following strong growth in turnover.The firm made a £882,000 profit in 2006 compared with a loss of £388,000 for the previous year.Turnover rose by 17 per cent from £12.1m to £14.1m while average turnover per IFA rose to £239,000 from £191,000.Cavanagh says this was driven by a […]

BUDGET REACTION: BBA warns Chancellor’s gifts may be false

The British Bankers’ Association has accused the Chancellor of ‘giving with one hand and taking away with the other’, in his final Budget.Chief executive Angela Knight says Gordon Brown has announced a significant number of tax changes which need to be analysed.But she says when the “dust settles” it will show any benefits from the […]

Cameron attacks tax cut from ‘man in deep hole’

Conservative leader David Cameron has attacked the Chancellor’s surprise cut in income tax, suggesting that it is a desperate move by a “man in a deep hole”.In his Budget response, Cameron said Brown normally saves such cuts for before a general election but due to his current poll status, he has made the move before […]

Cost-cutting strategy lifts share price

Prudential’s share price rose by 4 per cent following the news last week of a massive overhaul of its UK business and its 2006 full-year results.The company responded to shareholder pressure to sell or break up its UK arm by unveiling a range of initiatives, including job cuts, stepping back from initial commission-led products and […]

The fifteen-year itch

By Neil Jones Technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The treatment of non-UK domiciles that are resident in […]


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