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Northern Rock pulls equity release range

Northern Rock has become the latest provider to leave the equity release sector by pulling its lifetime mortgage range.

The lender has blamed low customer demand for removing its lifetime mortgage range. It says existing lifetime mortgages will continue to operate as normal and Northern Rock will continue to process any submitted cases through to completion.

Northern Rock director of marketing Anth Mooney says: “Our revised mortgage range is in line with our low-risk appetite and competitive framework arrangements.”

Northern Rock has now been added to the growing list of providers and advisers who have been forced out of the sector in recent months. Last week Saffron Building Society revealed it was to cease lending lifetime loans for the rest of 2009, following both Coventry Building Society and Retirement Plus’ decisions to temporarily cease lending.

Multi-tied advisers In Retirement Services went into administration in August and and Newcastle Building Society Equity Release Advisers temporarily ceased doing business last month.


Scott joins RBS as non-exec for risk

Aviva chief financial officer Philip Scott is joining Royal Bank of Scotland as a non-executive chairman of a new risk committee at the bank.

Seeing Woodford for the trees

Who would be a UK equity income fund manager? I don’t mean from the point of view of quality of life, which is presumably no shabbier than that of any other manager, nor am I alluding to how the hunt for decent, sustainable and, ideally, rising yields is not as straightforward as it used to be. After all, these days, a portfolio yield of 4 per cent is generally deemed quite competitive, thank you.

US loan growth is not painting a pretty picture for the US economy

Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]


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