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Newcastle launches 10-year fix

Newcastle Building Society has launched a 10-year fixed rate mortgage at 5.99 per cent, with an annual penalty-free option to redeem.

The long term fixed rate aims to provide borrowers with security against potential rate rises while giving the option to move should circumstances change.

Customers can redeem for free in December 2005 and then in December every year until 2014.

Newcastle chief executive Robert Hollinshead says: “Although there is much speculation at present about forth-coming interest rate rises, it is impossible to tell where the base rate will be in ten year&#39s time. Our 10-year fixed rate mortgage is designed specifically for this situation to give people the best of both worlds: the security of a fixed rate as well as a get-out clause.”


Axa says single-tie firms will not die out

Single-tie operations will not die out with the onset of depolarisation, according to Axa Life head of distribution (building societies) Steve Jenkins. Jenkins predicts that open architecture products will evolve, providing an element of choice to consumers but through the economies of a tied wrapper so the tied sector will not be as vulnerable as […]

&#39Industry has final chance to woo back the public&#39

The industry has one last chance to bring consumers back into the fold after failing to serve their needs, warns a report by business thinktank Tomorrow&#39s Company. The report, Restoring trust – investment in the 21st Century, is the result of two years&#39 consultation among more than 500 practitioners and investment groups representing all parts […]

Two-thirds of world&#39s fund firms will create boutiques

Two-thirds of the world&#39s investment firms plan to move towards offering boutique operations, according to research from consultancy Create. The survey of 300 fund managers across 25 countries shows that 66 per cent of firms intend to create a boutique structure within their business. Create chief executive professor Amin Rajan, a former Treasury economic adviser, […]

MI&#39s Laker warns brokers on networks&#39 free PI deals

Mortgage Intelligence managing director Sally Laker has cautioned brokers to be aware of offers of free PI insurance by networks, saying high excesses will still leave brokers out of pocket. Laker says the small print of some offers states an excess of £10,000 while most PI claims for mortgages are only for around £5,000 to […]


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