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Northern Rock changes structure of Together product

Northern Rock has changed the structure of its Together product and says it will be withdrawing the existing range of products at 4pm on November 25.

It says that the new Together structure will offer two bands of unsecured borrowing. The first option will be 95 per cent loan to value secured and a maximum unsecured loan of £10,000.

The second option will be 95 per cent LTV with a maximum unsecured loan of £30,000.

On the £30,000 maximum unsecured borrowing product, the amount of unsecured borrowing available to a broker’s client will be determined by their credit score and stated on their DIP certificate.

The new maximum unsecured loan amounts are for a credit score of high – £30,000; medium – £20,0000; and low – £15,000.

Northern Rock also told brokers in an email that it will be withdrawing the 0.75 per cent and £1,999 product fee options on its buy to let range.

It says the BTL range will still offer ERC free trackers for life. Rates are available from 6.99 per cent with a 2.5 per cent product fee.

Headline BTL fixed and tracker rates are unchanged.

Northern Rock has also amended its BTL rental calculation to BOE base rate + 1.25 per cent.


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Shadow of the sums

It is important to get your sums right. Whether you are
The Personal Accounts Delivery Authority faces this challenge next year. It was established to design and implement the new personal accounts scheme and the forthcoming Pensions Bill will give it the powers to start taking decisions like hiring contractors and setting the level and shape of the personal accounts charging structure.

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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