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Mortgage firms target credit-impaired

Inter-Alliance Mortgage Service and Preferred Mortgages are teaming up to offer a step-down adverse-credit mortgage. The mortgage allows borrowers with a poor credit history to move to a lower rate of interest as their credit status improves, eliminating the need to remortgage and giving an incentive to make punctual mortgage payments. The initial rate is 9.2 per cent, which falls to 7.2 per cent within three years if all monthly payments are made on time.

Britannia in loan protection deal

Britannia Building Society is offering all borrowers buying a new home free cost protection insurance. The insurance covers borrowers against financial loss if a purchase falls through and includes application and valuation fees and legal costs. Britannia says the insurance protects against gazumping, negative survey or local authority search results and the loss of employment while buying a home.

Goldman Sachs chief joins mPower

mPower Europe, the parent company of online IFA, has recruited former head of Goldman Sachs Asset Management&#39s UK business Charlie Metcalfe as managing director. Before joining Goldman Sachs, Metcalfe was Merrill Lynch&#39s fund management arm managing director. He also worked with JP Morgan. mPower founder and chief executive Drake Mosier says Metcalfe&#39s knowledge of the institutional funds marketplace will be invaluable as it builds its UK operation.

A&L offices target homeowners

Alliance & Leicester is set to open a new chain of offices offering financial advice to people looking to move house or improve their property. The outlets, called movingimproving, will provide financial advice on the bank&#39s range of mortgages, credit cards and personal loans but will not offer banking facilities. The offices will give customers information on the local area, such as new housing developments and schools, and will eventually be able to recommend cheap deals for A&L customers through partnerships with local suppliers, builders and plumbers.

Unum takes over Zurich income protection

Unum is taking over Zurich Life&#39s group income protection business following Zurich&#39s decision to concentrate on individual protection. The claims book of 1,000 will be managed by Unum subsidiary Claims Services International. The transfer took effect on April 1. Unum says the takeover will allow it to further its strong presence in the group income protection market.


IFAs&#39 anger over Nationwide Cat on mortgages

Nationwide Building Society has come under fire from IFAs for introducing Cat standards across its range of new mortgages. From May 1, all new Nationwide loans will meet the Government&#39s voluntary minimum requirements, which insist on basic levels of flexibility, daily interest and for rates not to rise more than 2 per cent above the […]

NU goes green for the future

Lynch points to the range of funds available, and the reputation of the fund management house, while Henry says: “The desire to help preserve the world is a very good feature, especially as this is a growing market which should produce very good financial returns in the long term.”Flowers says: “This product offers a new […]

&#39Stopgap&#39 Catmarks for LTC, says Treasury

The Treasury says it may introduce Catmarks for Long Term Care products as a “stop-gap” measure until full regulation is likely to comes about in two years time. The Government&#39s consultation on LTC regulation closed last week and so it says no decisions have been made yet. But speaking at a conference, Delivering Long Term […]

Living on an island

The first phrase that comes to mind when I look at the difficulties being experienced by the managed funds industry&#39s struggling e-commerce initiative EMX has to be “I told you so.” Over the last two years, the project has exhibited classic symptoms of a service doomed to failure. The biggest problem is that the managed […]


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