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Northern Rock funds L&G Bank&#39s broker-only deal

Legal & General Bank is offering a flexible mortgage fixed at 5.19 per cent until December 2005, available only through intermediaries.

The product is funded by Northern Rock, which owns L&G Bank, but is being marketed to brokers through L&G appointed representatives.

The loan offers a procuration fee of 0.35 per cent. It is available up to 90 per cent of loan to value. Interest is calculated daily and the loan is available for purchase or remortgage.

L&G says the flexible features mean borrowers can make overpayments, underpayments, take payment holidays and borrow from their accumulated reserve.

Borrowers can make online transactions, track progress and see the effect of altering payments.

After the fixed three-year period, interest will revert to the standard variable rate, which is currently 4.95 per cent. Redemption charges apply only if the entire loan is repaid during the fixed period.

L&G PR manager Peter Timberlake says: “This is a new product being manufactured by Northern Rock and marketed through L&G reps to intermediaries.”


NU tells clients you&#39re on your own with shortfalls

Norwich Union is mailing its 1.3 million mortgage endowment policyholders, telling them to make their own arrangements over shortfalls despite its much vaunted guarantee.NU is predicting that 75 per cent or 975,000 policies face shortfalls. In January 2000, it pledged to make good deficits as long as it achieved investment returns of 6 per cent. […]

Northern Rock is adding three fixed-rate bonds

Northern Rock has introduced three fixed-rate bonds and a combined fixed-rate and equity-linked tracker product linked to the FTSE 100.The fixed-rate bonds have the option to guarantee returns for one, two or three years on a minimum opening balance of £500. Additional deposits can be made up to a maximum of £2m.The one-year bond has […]

UCB cuts fixed rates

UCB Home Loans says it has launched its lowest ever fixed rates across its self-certification range of mortgages by reducing them all by 0.3 per cent.Its two year fixed rate self-cert product has a rate of 5.29 per cent and its buy-to-let two year fix has a rate of 5.49 per cent.UCB Home Loans managing […]

2,000 jobs to go as Zurich shifts to general insurance

Zurich Financial Services is set to axe up to 2,000 jobs from its UK business, about 10 per cent of the total, after its parent group made a loss of £1.3bn for the first half of this year.Chief executive James Schiro said the company had conducted a review of its operations since his controversial predecessor […]

Is three a crowd?

The pension versus Isa debate has raged on and off for years. Les Cameron, head of technical at Prudential, asks if three’s a crowd.   I think the debate was arguably settled by pensions freedom when the biggest downside of pensions – limited access and poor death benefits – was fundamentally changed. Total access, albeit with […]


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