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Paragon launches new fixed rate mortgage

Paragon is launching a new buy to let mortgage fixed at 6.95 per cent for two years.

The mortgage reverts to the London inter-bank offered rate plus 1.5 per cent after the two year period and carries a redemption charge of six months interest over the first two years.

Borrowers new to letting can obtain a mortgage based solely on rental projections and not borrower income, but only on 65 per cent of the purchase price and at Paragon&#39s high equity facility rate of 7.95 per cent, fixed for two years

The launch follows the withdrawal of the three year 7.49 per cent fixed rate mortgage on January 1, 2001.


FPS Group appoints new non-executive chairman

FPS Group, specialist provider of pensions administration and pension services, has appointed Paul Simpson as non-executive chairman of its holding company board. An actuary by profession, Simpson has left the Prudential Group, where he was one of the key founding executives of Prudential&#39s online bank Egg. FPS Group chief executive Richard Stirrup says: “Paul is […]

Merger of firms leads to loss of US team

Perpetual has lost a team of senior fund managers and sales executives following the announcement of its plans to merge with Invesco. Among those leaving are its US fund management team, which will join Schr oders before the end of the tax year. Managers Trent May and Stacie Cowell will manage the Invesco Perpetual US […]

Woolwich opens door for remortgages

Woolwich has introduced the Open Plan 2 per cent discount mortgage that offers borrowers looking to remortgage the choice of free legal fees or a £300 cashback. The latest figures from the Council of Mortgage Lenders show that remortgaging accounted for 31 per cent of all lending in November 2000. The mortgage has an interest […]

Widows pension offers external funds

Scottish Widows is offering a stakeholder pension which gives policyholders access to external funds and pays standard Lautro commission levels. The company says its plan meets the Govern ment&#39s standards as well as offering access to a range of 17 investment funds managed by Widows and funds from Merrill Lynch, Schroders and Newton. Widows says […]


MPAA consultation

By Fiona Tait, pensions specialist The chancellor’s announcement of proposed cuts to the Money Purchase Annual Allowance means it will be more important than ever to be able to tell your PCLS from your UFPLS What was in the statement? Not much. The chancellor spared three sentences to inform us that the Money Purchase Annual Allowance will be reduced […]


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