View more on these topics

National Counties home in on remortgages

National Counties Building Society has designed a stepped discount mortgage with a twist.

The two year stepped discount mortgage is available for loans of up to 80 per cent of valaution and has two remortgage options.

For house purchases and remortgages where the borrowers is prepared to pay an arrangement fee and meet all legal costs, there is an option called fees payable.

The fees payable option has a 2.25 per cent discount in the first year, giving a payable rate of 4.74 per cent. This is followed by a 1.25 per cent discount in the second year.

For remortgages only, where the borrower is prepared to take a lower discount, there is an option called fees paid. With this option, the arrangement fee is waived and legal fees are paid by the building society.

The fees paid option has a two per cent discount in the first year, giving a payable rate of 4.99 per cent. In the second year, there is a one per cent discount.

According to Moneyfacts on April 23, 2001, there are no similar mortgages available. This mortgage, particularly the fees paid version, could appeal to existing borrowers who are looking to remortgage at a better rate. The absence of redemption penalties would also appeal to them.

Figures from the Council of Mortgage Lenders show that remortgaging is going strong in 2001. The amount of remortgage business rose from £3bn in December 2000 to £3.5 billion by February 2001.

Recommended

Wandering through the personal pension maze

How do you deal with the employer who is paying over 3 per cent of salary into a personal pension of the individual employee&#39s choice? Is it worth the time spent trying to get confirmation from all the various pension providers about the exit penalties (a difficult task given that no one IFA will have […]

VCT sales surge despite a spate of withdrawals

Venture capital trust sales rocketed by more than 50 per cent last tax year, with the established players taking the lion&#39s share of the market.But the 2000/01 tax year was also tainted with disappointment, as more subscriptions were left unfilled and more VCTs were pulled than ever before, including one withdrawal on the last day […]

Price rises mean eight-year low for housing affordability

The affordability of housing is at its worst level for eight years, according to the latest findings from Cheltenham & Gloucester. Average and first-time buyers are spending the same proportion of their wages on their mortgage repayments as they were in 1993. But it also claims the future remains bright for homeowners as affordability is […]

Choices choices from Hargreaves Lansdown

Hargreaves Lansdown has introduced an individual savings account (Isa) that allows investors to manage their own portfolios.The vantage Isa follows a pick and mix approach that allows investors to choose different types of funds, including offshore funds, from any management groups they want.Some stocks and shares Isas limit the fund range to their own stable […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com