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Northern Rock increases interest rate for savers

Northern Rock is increasing the interest rate for new and existing investors in its limited issue savings accounts.

The move which will take effect from July 24.

The interest rate on its Save Direct Base Rate Tracker, a variable rate account will increase to 5.75 per cent gross for annual interest and to 5.45 per cent gross for monthly interest for balances above £5,000.

These new rates include a bonus rate which has been increased to 0.75 per cent from 0.5 per cent.

The interest on its Fixed Rate Bond Issue VII will increase by 0.35 per cent to 6.25 per cent gross for investments of £2,500 plus and to 6.35 per cent gross for investments of £100,000 plus.

The fixed rates are guaranteed until December 1, 2000.


Mortgage lending hits record heights

Gross mortgage lending hit record heights in June reaching an estimated £11bn according to figures from the Council of Mortgage Lenders.The figure which is the highest since CML records began in 1993, was 21 per cent up on the previous month and 31 per cent more than the equivalent month last year.But loans for house […]

Friends Provident reports 64 per cent jump in new business

Friends Provident have reported a 64 per cent jump in new business premiums for the first half of 1999.The life office says equivalent premium income was up £74m to £189m from £115m compared to the same period last year.Single premium business saw the greatest rise, up 107 per cent to £1,010m fro £487m last year, […]

TMO launches semi-commercial loan

The Mortgage Operation has launched a product which combines commercial and domestic loans.The Semi-Commercial Fix is aimed at businesses where living accommodation is attached. It allows one mortgage to cover both the business and commercial loan.The loan is fixed until August 1, 2000 at 7.5 per cent up to 75 per cent loan to value […]

Mortgage Advances hit record heights

Mortgage advances hit record levels in June according to figures released by Barclays Bank.Its research reveals gross mortgage advances in June hit the £10bn mark, a 27 per cent increase over last June&#39s figure of £8.4bn.Mortgage lending is now so buoyant that Barclays is predicting the market will top £100bn this year for the first […]


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