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Newcastle to put mortgages on IFA platform

Newcastle Building Society is to use its new intermediary platform to provide point-of-sale mortgage offers to brokers.

Commercial director Wendy Lee says it is likely to take 15 to 18 months to develop its investment and savings platform, Newcastle Intermediary Service, into a lending proposition.

It has already signed up Personal Touch Financial Services for the platform following a soft launch in June with 100 Openwork advisers.

NIS is initially offering a Newcastle: Plans to add homeloans within next 18 monthsrange of savings products, including capital guaranteed structured accounts, instant access savings accounts and fixed-rate bonds.

In May, Newcastle joined forces with Edeus in a deal where the specialist lender used its distribution database to introduce clients for Newcastle savings products, offering intermediaries a procuration fee of up to 2.75 per cent.

Edeus managing director Alan Cleary says Newcastle’s launch to intermediaries will not affect its business. He says: “We will potentially be signing another couple of contracts with building societies on a similar basis in the next few weeks. One is very imminent.”

John Charcol senior technical manager Ray Boulger says: “Hopefully, this is a sign that Newcastle will start to make a larger amount of products available to brokers.”


IFAs earn their fees

I read with some irritation Peter Amott’s diatribe about the state of the financial services industry. We are all aware that the past 20 years of regulation have cost a fortune while its effectiveness has been decidedly patchy.

Barclays boosts investor exposure to China

Barclays Stockbrokers has launched a new investment note to give investors access to Chinese equities and agricultural commodities.The five year growth investment is linked to the performance of a basket of equities and commodities and is designed to provide 125 per cent of any rise in the basket.Forty per cent of the basket is weighted […]


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