View more on these topics

Pink adds to 100 LTV club

Pink Home Loans is offering a 100 per cent loan to value discounted rate mortgage.

Funded by Amber Home Loans, the mortgage has a discount of 1.5 per cent for the first year of the loan, giving it a payable rate of 4.89 per cent for loans of up to 100 per cent of valuation.

All first-time buyers must provide three months’ worth of bank statements and existing mortgage borrowers must be able to supply a mortgage statement covering the past year. Any self-employed applicants must be able to supply two years’ worth of accounts.

The mortgage has an arrangement fee of £195 and if is it redeemed in the first three years there will be a fee of 5 per cent of the advance in the first year, 4 per cent in the second year and 3 per cent in the third year. It is also portable during the first three years.

This product raises the total number of one-year discounted 100 per cent loan to value mortgages with extended redemption penalties to seven. Norwich Union’s 3.25 per cent discount mortgage offers the lowest interest rate, which is currently a discount of 3.25 per cent on Norwich Union’s standard variable rate, giving a payable rate of 3.6 per cent until November 1, 2002.

The Norwich Union product is more competitive than the Pink Home Loans mortgage in many ways as it has no arrangement fee and comes with free accident, sickness and unemployment insurance for the first six months of the loan. It also has a redemption penalty of 3 per cent of the advance in the first two years and 2 per cent in the third year, lower than the Pink mortgage’s redemption penalties.


Abbey inhabits safe house

Abbey National has introduced safety plus growth issue 5, a guaranteed equity bond that is available within an individual savings account (Isa) wrapper as well as outside. Both guises are of the bond are linked to the FTSE 100 index over a five-year term and guarantees the return of the original capital plus a minimum […]

Friends CD shows net admin deal

Friends Provident is giving IFAs a CD which demonstrates its online admin system for its stakeholder pensions.The CD uses voiceovers and graphics from Friends&#39 online systems to show IFAs and employers how various aspects of scheme admin can be undertaken on a cost-effective and efficient basis.The admin services inc-lude inputting members&#39 det-ails, making contributions, adding […]

McCartney publishes pension consultation document

Following the announcement on 26 September of the review of private pension legislation, the Government is publishing its consultation document.Minister of state for work and pensions Ian McCartney says: “The Government is committed to helping people build up decent pensions for their retirement. That means the public and private sectors working together effectively.“The private pensions […]

SLI lauches revamped website

Scottish Life International is launching its revamped website, with more interactive features than its three-year old predecessor.The new site maintains the dedicated extranet service, with improved accessibility, and adds a trusts and offshore investments information facility.SLI e-commerce analyst Kelly Paterson says: “The desire to improve the design and the amount and quality of the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment