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Northern Rock cuts mortgage rate

Northern Rock has cut its standard variable mortgage rate by 0.6 per cent to 6.89 per cent from 6.95 per cent.

The move follows the recent 0.25 per cent reduction in the Bank of England&#39s base rate.

The rate change will take immediate effect for new borrowers. Existing borrowers will have to wait until July 24 before they receive the benefit of the cut.

But borrowers who have had a Northern Rock loan for seven years or more, will now be paying a rate of 6.64 per cent as they benefit from a 0.25 per cent loyalty discount on their loan.


HSBC completes rebranding

HSBC completed its rebranding of Midland Bank branches on Sunday with the last of the new signs erected at the St Paul&#39s Churchyard London Branch.HSBC is now the marketing name for Midland Bank and subject to regulatory approval, it is set to become HSBC Bank later this year.The changes follow the company&#39s decision last year […]

Straw urges firms to sue after £2m City riot

Home Secretary Jack Straw is urging City firms to sue rioters who caused £2m of damage in the City of London last Friday as a deterrent to similar demonstrators.The City was brought to a standstill and plunged into chaos when 4,000 protesters turned violent during an anti-capitalist demonstration.Tension was further fuelled by some City brokers […]

Investec Bank launches cash Isa

Investec Bank (UK) has launched two cash Isa accounts which pay IFAs 0.5 per cent commission.The Premier Tessa-Isa is available for investors transferring the balances of their matured Tessa&#39s, while the Premier Cash-Isa is for new savers.Both Isas pay a current variable rate of 6 per cent. Interest can be paid either on a monthly […]

Investec Guinness Flight launches Capital Accumulator Trust

Investec Guinness Flight has launched its Capital Accumulator Trust in response to reducing tax-free investment allowances.The trust will invest in zero dividend investment trust preference shares which are expected to offer a redemption yield of 6.25 per cent.Growth accumulated under zero dividend preference shares is technically treated as capital rather than rolled up income, it […]


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