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Pink Home Loans bring in new discount

Pink Home Loans has brought in the 2.25 per cent discounted mortgage.

The mortgage is aimed at first time buyers and people who want to remortgage their properties. The discount of 2.25 per cent for the first two years of the mortgage gives it a payable rate of 5.49 per cent for loans up to 95 per cent of valuation.

With income multiples of 3.5 times principal income plus second, this gives it an edge compared to the industry norm for this type of mortgage of three times principal income plus second.

However the mortgage also has redemption penalties that extend beyond the discounted period for a further two years. Also, looking at other mortgages available on the market, it is not that competitive.

According to Moneyfacts the cheapest two-year discounted mortgage on November 21, 2000 is the 3.66 per cent discount mortgage from Scarborough Building Society, which has a payable rate of 3.99 per cent, although it has redemption penalties for three years after its discounted period.


Haggerty gets MD post at Homeloan Management

Mortgage administrator Home loan Management, a subsidiary of Skipton Building Society, has app ointed Steve Haggerty as managing director.Haggerty has been acting managing director since Barry Meeks left in Sep tember and he was deputy to Meeks over the previous five years.Before moving to HML, Haggerty was assistant gen eral manager for mortgages and investments […]

AIG Life releases trust pack for IFAs

Financial services company AIG Life has released a trust pack for IFAs aimed at explaining trusts and their benefits to clients. AIG Life claim the pack explains the roles and responsibilities of trustees and the advantages to investors of using trusts. It covers absolute, power of appointment, gift & loan and discretionary trusts and explains […]

Rich pickings

Research has identified some dramatic changes in the ownership of wealth in the UK and elsewhere.These rep orts suggest there could be anything from five million to nearly eight-and-a-half million individuals with invest ible cash of £163;50,000 or more by 2005. Other estimates point to there being nearly 11 million people with over £163;25,000 inv […]

AITC warns advertising campaign may be cut short

The three year television and press advertising campaign to promote investment trusts may be terminated a year early unless it receives wider industry support, the Association of Investment Trust Companies has warned. AITC director general Daniel Godfrey claims it wouldn&#39t be worth continuing the campaign unless more trusts participated in the third and final year. […]


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